There is hope. There is help.
The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.
Approximately 80% of U.S. mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages. When U.S. house prices began to decline in 2006-2007, refinancing became more difficult and as adjustable-rate mortgages began to reset at higher rates, mortgage delinquencies soared. Securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world.
About the program
As we all face the financial crisis, WEDU brings you information from experts, trusted resources, and the Tampa Bay community. The following experts were featured on our mortgage crisis program:
- Debbi Colon, Housing Connection Program, Diocese of St. Petersburg
- William Sanchez, Vice President, Tampa Bay CDC
- William Walker, Housing and Education Alliance
- Vicki Williams, Florida Deptartment of Financial Services
- If you are having problems with your mortgage the time to act is now. There are trusted community resources available to help but you have to ask. For help call 211 to connect to a counselor.
- AUDIO: Facing the Mortgage Crisis, 8/23/09 with Rob Lorei
- AUDIO: Facing the Mortgage Crisis Together, Radioactivity, 6/23/09 with Rob Lorei