Mortgage crisis - Good Morning Washington

A while back we reported that the bridge tender at the Brickell Avenue bridge  sleep on duty causing residents being rudely awakened from their slumber by a 140-decibel horn being blown consistently for several minutes. These horns are from tug boats towing a ships down the Miami River to Biscayne Bay.  While lenders since 2005 gave home buyers in Miami-Dade and Broward counties ''exotic'' mortgages at twice the rate of borrowers in the rest of the country. These mortgages included loans with low ''teaser'' rates that skyrocket within three years, as high as 16 percent.

Washington slept

Roughly one in five mortgages written in Miami-Dade and Broward counties between 2005 and July 2007 were exotic or subprime loans, according to data from McDash Analytics, a private firm that gathers information from nine of the 10 largest loan servicers in the United States.

Washington did not stir

 

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