While the mortgage crisis started as a subprime crisis, it has gone way beyond that. People with bad credit mortgages ran into trouble a couple of years ago when housing values got soft and they were then unable to refinance out of their subprime loans. I have always maintained that subprime loans are to be treated as band-aids, that is, for the purpose of getting into a home and developing a good credit history. No one should need more than two or three years to accomplish this, then they should refinance to FHA or conventional loans. But many were unable to do so due to no fault of their own.

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Borrowers who expected to be able to refinance before their expensive bad credit mortgages reset to high rates got caught -- by falling home values, then by increasing credit requirements -- where 620 was once an okay score, that was increased to 640, then 680, then 700....refinancing always just out of reach.

Those with more expensive properties requiring jumbo financing had even less luck -- the secondary market dried up in nothing flat. And finally, people with prime mortgages began defaulting in droves, due to unemployment and other financial disasters -- and many who could afford their mortgage joined them. In fact, the number of borrowers in prime mortgages who defaulted on their mortgages has exceeded the number of subprime borrowers who have lost their homes.

If you are having problems with your mortgage payments, don;t be ashamed or assume that it's your fault because you are a subprime borrower. Check the www.makinghomeaffordable.com Web site and contact your loan servicer. You could find yourself with an affordable mortgage after all.