Arizona mortgage failures fuel crisis

[Source: Christie Smythe, Arizona Daily Star] — The financial risks taken by Arizona home buyers and lenders in the housing run-up came home to roost in last week’s financial crisis.  As Tucson, Phoenix, and Pinal County struggle with excesses of home inventory and painful drops in values, big financial companies that helped inflate the bubble are suffering, even up to venerable Wall Street institutions such as Lehman Brothers and Merrill Lynch.  “It was a vicious cycle of greed,” said University of Arizona finance professor Christopher Lamoureux, referencing home buyers, lenders, and Wall Street investors, and others who contributed to the situation. [Note: To read the full article, click here.  Click on the graphic to view it full-size.]

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