: About Me

Many fingers of blame are being pointed at "the poor" for the housing crisis. Low- and moderate-income (LMI) individuals were the major beneficiaries of subprime mortgage lending and are now defaulting in record numbers. So it would seem that states with large LMI populations, like Mississippi, would have the highest rates of foreclosure. In fact, according to RealtyTrac, wealthier states like California, Nevada, and Florida are among those with the highest foreclosure rates. Not coincidentally, these states also had the highest housing-appreciation rates. When the market collapsed, mortga...