Subprime crunch felt on Jersey Shore

The Asbury Park(N.J.) Press analyzed federal Home Mortgage Disclosure Act data to report that in Monmouth and Ocean counties subprime lending accounted for one out of five mortgages in 2006, a total of $3.1 billion. Reporter Jason Method found “the income of subprime borrowers was 5 percent lower than those taking out traditional mortgages, yet the subprime borrowers took out loans that were 10 percent larger.”