Talking about semantics, the CRL report says “we project that one out of five (19 percent) subprime mortgages originated during the past two years WILL end in foreclosure.” But the NY Times translates it as: “About one in five subprime mortgages made in the last two years ARE LIKELY to go into foreclosure, according to a report released yesterday, ending the dream of homeownership for millions of Americans.”
Then NY Times then goes to go say: “At that rate, about 1.1 million homeowners who took out subprime loans in the last two years will lose their houses in the next few years, the report said. The foreclosures will cost those homeowners an estimated $74.6 billion, primarily in equity.”
