From the "could it happen in Canada" file… One in five Americans with sub-prime mortgages issued during 2005-2006 will default on their loans–according to a Center for Responsible Lending (CRL) study. Most of these problem loans have low "teaser" rates. The moral is, if you can’t fully afford the payments after the teaser rate expires, don’t even think about getting that mortgage.
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Last modified: December 23, 2006
