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The results in this paper also suggest that subprime lending did not increase homeownership: The number of defaults in a limited sample (about 50 percent) of subprime purchase-money mortgages within two years of origination is almost equal to the estimated number of first-time homebuyers who took subprime mortgages.
However, the rate increases were not so severe as to curtail home-purchase activity, leaving the volume of purchase-money mortgage loans largely unscathed.
The Mortgage Bankers Association reported that applications for purchase-money mortgages rose 7% for the week ending Jan.
As a result, attorneys or title agents who processed traditional purchase-money mortgages for years--if not decades--have suddenly begun to hang out the proverbial shingle, promoting themselves as REO, FHA or short-sale specialists.
Gibbons, President and CEO of Salem Five, recently announced the launch of a new online Instant Pre-Approval application for consumers seeking purchase-money mortgages and refinancing.
Demand for purchase-money mortgages will be quieted by the level and mix of unemployment.

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