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March 30, 2007Oregon, Portland feeling less of the shock of subprime loansPORTLAND, Ore. (AP) _ Oregon and Portland have less exposure to subprime housing loans and are feeling less of the shock rattling other parts of the nation _ in part because rising home prices still provide cover for struggling families. Subprime loans, generally at higher interest rates, accounted for 17 percent of new mortgages in Oregon in 2006, down from 20 percent in each of the previous two years, according to First American LoanPerformance. The figures include first and second mortgages, so some subprime borrowers with two mortgages would count twice. Those percentages were below the national average each year by 4 to 6 percentage points, said Bob Visini, vice president of marketing for LoanPerformance of San Francisco. ''You have exposure, but your exposure on average is less than what the nation is feeling,'' he told The Oregonian newspaper. ''Is there still cause for concern? Sure, but at the same time you can feel good that you're not Michigan or Ohio.'' Among all outstanding mortgages nationally _ including those made decades ago _ almost 15 percent are subprime, according to LoanPerformance data for December. In the Portland area, the comparable figure was 9.8 percent. Six years ago, the share was more like 2 percent nationwide, or about one of every 50 mortgages. Nationwide, slightly less than 12 percent of subprime mortgages, excluding second mortgages, were 60 days late and considered in danger of default. In the Portland area, the figure was 6.9 percent. Subprime lending began more than two decades ago as a way to increase home ownership, said David Botieff, a branch manager for Wells Fargo Home Mortgage in Clackamas. Poor credit scores that had kept some people out of the housing market aren't necessarily the result of financial recklessness on the part of borrowers, Botieff said. A divorce, medical problems or sudden job loss can cause financial stress that shows up as a low credit score, he said. Posted by bkleinhe at 03:04 PM
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