Subprime mortgage lending contributed an estimated $1.68 billion in spending to Arizona's economy in 2001, according to a study released by the Arizona Financial Services Association.Greg Williams, the AFSA's executive director, said the study shows the economic significance of the industry to Arizona and warned that "over-regulation" could have "dire effects" on a struggling economy. The study, conducted by the Center for Statistical Research, also found that subprime mortgages provide credit chiefly to borrowers with incomes near or above the median household income, the AFSA reported. Moreover, mortgage lending in Arizona is not focused on areas with high concentrations of Hispanics or other minorities, the association said. The AFSA can be found online at http://www.arizonafsa.org.

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