This summer has seen a sharp rise in foreclosures in the subprime mortgage market.
Subprime lending refers to the practice of making loans to borrowers who may have problems with their credit history, or are unable to show proof they can repay the loan.
This subprime mortgage meltdown has led to a global financial crisis, involving declines in the stock market and the near bankruptcy of several mortgage lenders.
VPR’s Neal Charnoff speaks with Christopher D’Elia, president of the Vermont Bankers Associaton, which represents 23 banking institutions in Vermont.