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DURHAM, N.C. — Despite low interest rates and a favorable economic environment during the past several years, the subprime mortgage market has experienced high foreclosure rates comparable to the “worst foreclosure experience ever in the modern prime market,” according to a new report released by the Center for Responsible Lending.

“Losing Ground: Foreclosures in the Subprime Market and Their Cost to Homeowners” also states that foreclosure rates will increase significantly in many markets as housing appreciation slows or reverses. It projects that 2.2 million borrowers will lose their homes and up to $164 billion of wealth in the process. Many features of typical subprime loans substantially increase the risk of foreclosure, regardless of the borrower’s credit history, the report added.

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