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San Diegans with Subprime Loans Suffer Foreclosures

The California housing market has been seen as a goldmine. And subprime loans have helped many borrowers buy homes that they otherwise may not have been able to afford. But the risks were great – hig

San Diegans with Subprime Loans Suffer Foreclosures

Alison St John (Guest Host): The number of foreclosures in San Diego County has quadrupled in the last year. Thousands of San Diegans are losing their homes. Thousands of others are losing their shirts after their investments in risky loans crashed. One of the main culprits: subprime lenders who sold loans that were too good to be true at low, low initial interest rates. Many home buyers couldn't possibly keep up with the payments when their interest rates jumped two years into the loan.

Be sure to tune into KPBS's special on the housing market called Gimme Shelter tonight (Wed., Nov. 14) at 9 p.m. on KPBS TV Channel 15, Cable 11.

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