COLUMBUS, Ohio -- One of the major factors blamed for the subprime mortgage crisis may have actually played only a minor role in the housing meltdown, new research reveals.
Some people claim that high mortgage default rates which helped crash the economy in 2008 were the fault of predatory lenders who approved risky housing loans to unqualified buyers.
But a study of an anti-predatory lending program in Chicago found that the program brought down default rates only modestly, while causing major disruptions in the market.