Understanding the Subprime Mortgage CrisisThe subprime mortgage crisis is threatening to put the U.S. economy into a recession. This primer it tracks how the subprime crisis unfolded, affecting first the real estate market and now the economy overall. It gives you definitions of important terms. It also explains how interest rates and real estate play an integral role in the U.S. economy. Finally, it gives resources for those who are suffering from the subprime mortgage crisis directly. Real estate is an integral part of the economy. Although many economists said that the slowdown in real estate would be contained, that was just wishful thinking. In April, Freddie Mac and Fannie Mae developed resources for those crushed by subprime mortgage debts. Find out how to get help if you are a subprime mortgage holder. HOPE NOW is a cooperative effort between the government and 90% of subprime mortgage lenders to help homeowners who may not be able to make higher mortgage payments after their interest rate resets.
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