Back in 2000, long before subprime lending to credit-risky homebuyers overheated the housing market, Rosemary Murphy used her financial good standing to pay for a house the old-fashioned way.
There was no funny financing or gimmicks. No adjustable rates.
Safely employed by the Clark County School District, she secured a traditional, 30-year, fixed-rate mortgage.
She’s now in trouble. And she’s a face of the next wave of foreclosures: homeowners who thought they were doing everything right but have still been overrun by the recession. (more)
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