The Northern San Joaquin Valley was ground zero for the mortgage meltdown crisis of 2008. One of the worst areas was the new town of Mountain House near Tracy, where 90 percent of homeowners owed 135 percent of the value of their homes. The area has since fully recovered, but now two federally backed companies are accepting “black box appraisals” on new mortgages; they could lead to a new set of problems.
The Northern San Joaquin Valley was ground zero for the mortgage meltdown crisis of 2008. One of the worst areas was the new town of Mountain House near Tracy, where 90 percent of homeowners owed 135 percent of the value of their homes. The area has since fully recovered, but now two federally backed companies are accepting “black box appraisals” on new mortgages; they could lead to a new set of problems. Eric Risberg AP
The Northern San Joaquin Valley was ground zero for the mortgage meltdown crisis of 2008. One of the worst areas was the new town of Mountain House near Tracy, where 90 percent of homeowners owed 135 percent of the value of their homes. The area has since fully recovered, but now two federally backed companies are accepting “black box appraisals” on new mortgages; they could lead to a new set of problems. Eric Risberg AP

‘Liar loans’ are passé, but now we’re seeing ‘black box appraisals’

October 29, 2017 08:06 AM

UPDATED October 30, 2017 08:42 AM

More Videos

  • Solar eclipse

    Outside of Makanda, Illinois, a 12-hour drive from the Coast, we see darkness in the middle of the day

Solar eclipse