Remember all the bragging politicians on both sides of the aisle in Washington did during the late, great housing bubble about the nations ever rising homeownership rate?
Now, it is becoming clearer by the day that all those grand hopes of an ownership society were based on a subprime house of cards. A new study by the Federal Reserve Bank of Boston finds the boom in subprime mortgage lending in failed to significantly increase minority homeownership rates in Massachusetts. Instead, the spike in foreclosures that followed these high cost, high-interest rate loans over the past few years has simply created churn in the marketplace.
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