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CANM Home > New Mexico Assets Consortium
subprime lending crisis
New Mexico Assets Consortium
nm assets
Millions losing their
homes to foreclosure
November 27, 2007 -- It is
estimated that 7.2 million families
in the United States have
subprime mortgages. Of these
14.4%, or 1.04 million, are
currently in default. This according
to a new statistics by the Center for
Responsible Lending. In the last
ten years, the subprime loan
industry has emerged as a major,
and controversial, player in the
housing market. Under a
subprime loan, customers with
low credit ratings are offered
mortgages in return for high
interest rates. Proponents have
advocated subprime financing as
a way for low-income residents to
own their first home. But new
figures suggest the subprime
industry is having the opposite
effect.
Listen to segment
View stats
homes to foreclosure
November 27, 2007 -- It is
estimated that 7.2 million families
in the United States have
subprime mortgages. Of these
14.4%, or 1.04 million, are
currently in default. This according
to a new statistics by the Center for
Responsible Lending. In the last
ten years, the subprime loan
industry has emerged as a major,
and controversial, player in the
housing market. Under a
subprime loan, customers with
low credit ratings are offered
mortgages in return for high
interest rates. Proponents have
advocated subprime financing as
a way for low-income residents to
own their first home. But new
figures suggest the subprime
industry is having the opposite
effect.
Listen to segment
View stats
A consortium of non-profit organizations helping
low-income New Mexicans obtain and retain assets
Community Action New Mexico provides management and
development for a network of community based service providers
who are able to offer asset formation opportunities to their
customers.
The New Mexico Project for Financial Literacy organizes top-quality
financial management and planning courses facilitated by a local
Certified Financial Planner.
TAX HELP New Mexico trains and places volunteer tax preparers
who assist with both state and federal tax returns at no cost to low
income persons.
low-income New Mexicans obtain and retain assets
Community Action New Mexico provides management and
development for a network of community based service providers
who are able to offer asset formation opportunities to their
customers.
The New Mexico Project for Financial Literacy organizes top-quality
financial management and planning courses facilitated by a local
Certified Financial Planner.
TAX HELP New Mexico trains and places volunteer tax preparers
who assist with both state and federal tax returns at no cost to low
income persons.
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Increase a family's ability to leverage their way to a stronger
economic position. These funds match family savings $4 to every
$1 saved up to a maximum of $4,000 in matched funds.
economic position. These funds match family savings $4 to every
$1 saved up to a maximum of $4,000 in matched funds.
Financial management and planning courses provide individuals
with a source of knowledge that empowers them to become savvy
consumers.
with a source of knowledge that empowers them to become savvy
consumers.
Free tax preparation coupled with assistance to claim the federal
Earned Income Tax Credit, provides families with an additional
economic boost that can become one tool in the journey toward
economic security.
Earned Income Tax Credit, provides families with an additional
economic boost that can become one tool in the journey toward
economic security.
| Community Action New Mexico 400 Central Ave. SE #101 Albuquerque, NM 87102 505.217.2747 Toll free: 1-877-272-0447 info@communityactionnewmexico.org webmaster@communityactionnewmexico.org |
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For More Information Call: 1-877-272-0447