The U.S. economy has been gripped by a relentless housing crisis for almost two years. A key driver in this crisis has been the many subprime mortgages that involved high rates and fees -- often requiring no down payments -- that were made in the past several years. California is ground zero in the subprime crisis and the resultant spillover effects -- foreclosures, bankruptcies, decreasing property values to name a few. Recognizing that relying on the market alone is unlikely… more
