Chart 2. The Rate of Subprime ARMs in Foreclosure Almost Doubled From the Prior Year
A line graph showing the rates of several types of mortgages from 1998 through 2007. Subprime mortgages were at approximately 3.5% in 1997 and reached almost 10% in 2000. They declined to about 3.5% in 2005, then rose sharply to close to 10% in 2007. Federal Housing Administration loans, Veterans Affairs loans, prime loans, and all loans remained in the 0% to 3% range.