suprime meltdown

The Chicago Reporter took a look at some recently released mortgage data with an eye to how many successful refinances there were last year. In addition to concluding that people who most needed a refinance (those with crazy expensive loans) were also the least likely to get one, the Reporter also found that Chicago lead the nation in the total amount of high-cost loans for the fourth year in a row. High-cost loans are loans that are at least 3% above the U.S. Treasury standard.