NEW YORK — Loan products, not income, are the reason why mortgage borrowers default, according to a report released yesterday by the Local Initiatives Support Corp.
Delinquency and foreclosure rates for subprime borrowers were comparable across all income levels, according to Michael Rubinger, LISC president and CEO.
"This reinforces what years of experience have already told us: Low-income residents are not, by definition, poor credit risks. Unsuitable mortgage products are," he said.
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