Wednesday, March 14, 2007

Congress must aid subprime victims: consumer group | U.S. | Reuters

Congress must aid subprime victims: consumer group | U.S. | Reuters: "WASHINGTON (Reuters) - U.S. homeowners with subprime mortgages struggling under payments need federal government help to ease them through the crisis, a leading consumer advocacy group said on Wednesday.

Fresh data on increased mortgage delinquencies and the collapse of several mortgage lenders have increased attention on subprime loans offered to borrowers with damaged or sketchy credit histories.

As many as 1.5 million Americans could lose their homes as the subprime market shakes out, the National Community Reinvestment Coalition (NCRC) said, and so Congress should step in to protect those troubled homeowners."

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