Low interest rates and aggressive marketing campaigns have driven home lending to record levels. But increasingly Americans with good credit are being saddled with loans designed for high-risk borrowers.
These higher-cost loans have been the fastest-growing segment of the mortgage market — accounting for 20% of the home loans issued last year, up from 10% a decade ago.
Freddie Mac, the government-sponsored mortgage finance giant, estimates that more than 20% of people who get these so-called sub-prime loans could have qualified for more-conventional prime loans.
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