California subprime home purchase and refinance lending levels rose in 2006. The majority of 316,769 California borrowers that received subprime loans in 2006 are likely to have their interest rates reset in 2008 and face significant payment shock. Additionally, one-third of California home purchase borrowers used a second, piggyback loan on top of their primary mortgage to finance their loans.

California subprime home purchase and refinance lending levels rose in 2006. The majority of 316,769 California borrowers that received subprime loans in 2006 are likely to have their interest rates reset in 2008 and face significant payment shock. Additionally, one-third of California home purchase borrowers used a second, piggyback loan on top of their primary mortgage to finance their loans.

California subprime home purchase and refinance lending levels rose in 2006. The majority of 316,769 California borrowers that received subprime loans in 2006 are likely to have their interest rates reset in 2008 and face significant payment shock. Additionally, one-third of California home purchase borrowers used a second, piggyback loan on top of their primary mortgage to finance their loans.