'Foreclosure Five,' 5 states costing whole country

"The beneficiaries of (Obama's) taxpayer charity will be highly concentrated in just five states -

• California, Nevada, Arizona, Florida and Michigan.

That is not because the subsidized homeowners are poor (Californians with $700,000 mortgages are not poor), but because

• they took on too much debt, often by refinancing in risky ways to "cash out" thousands more than the original loan.

• Nearly all subprime loans were for refinancing,
• not buying a home."

chart from NY Post. via Lucianne.com

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