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Almost 20% of all subprime loans funded over the past two years will wind up in foreclosure, according to a new report issued by the Center for Responsible Lending.
CRL president Mike Calhoun said that when refinancings of troubled loans are factored into the equation, one-third of all B&C loans could go bust.
According to figures compiled by National Mortgage News and the Quarterly Data Report, mortgage bankers funded $807 billion in subprime loans in 2005 and were on track...