December 7, 2007
The plan likely will have the biggest effect in neighborhoods already hard hit by foreclosures. Subprime borrowers tend to be clustered, said Raphael Bostic of the University of Southern California's Lusk Center for Real Estate.
"They're not randomly distributed," he said. "There is going to be a concentration of them. That would equate to a flooding of the market if they all go belly up at the same time."