From the Asbury Park Press:Borrowers used houses to get cashProponents had once touted subprime loans as a way for some consumers to afford the American dream of homeownership.Yet new government data now show a nightmare scenario that economists have suspected: that most of the borrowers with low credit scores turned their homes into a virtual [...]

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I used to frequent Asbury Park when I was 8 years old back in the early 1980's. It is a shame to see how Asbury Park has fallen