1) How much did subprime lending increase between 2003 and 2006? Answer
2) What percentage of these subprime loans had "exploding" adjustable interest rates? Answer
3) What percentage of these subprime loans were approved without fully documented income? Answer
4) What percentage of these subprime loans do not have excrow for taxes and insurance? Answer
5) On average, how much does each foreclosure cost a lender? Answer
6) On average, how much does a municipality lose on each foreclosed property? Answer
7) In 2003, what percentage of appraisers were being pressured in an effort to influence appraised value? Answer
8) In 2006, what percentage of appraisers were being pressured in an effort to influence appraised value? Answer
9) What father and sons crime ring fraudulently netted $58 million? Answer
Question #1: ANS: Lending increased by 292 percent
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #2: ANS: 89% to 93% had "exploding" adjustable interest rates
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #3: ANS: 43% to 50% were approved without fully documented income
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #4: ANS: 75% do not have escrow for taxes and insurance
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #5: ANS: An estimated $50,000 per home in sales fees and other related costs
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #6: ANS: An estimated $20,000 per year in lost property taxes and other costs
Source: CRL (Center for Responsible Lending - www.responsiblelending.org)
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Question #9: ANS: The Robert Amico family mortgage fraud case in Rochester
Source: Democrat and Chronicle, 1999
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