Chances are you have received a few, if not many, calls from banks, mortage companies, brokers, butchers, bakers, candlestick makers... trying to get you to refinance your mortgage. Many included such enticing offers such as 'no money down', a outrageously low interest rate (make that introductory rate...), no closing costs, etc. Most of these fall into what has become known as 'sub-prime loans', or risky loans to people that either can't afford the loan, or those that would get swamped when the interest rates adjusted. While this may be described as just part of the global economic picture, it has an extremely laser-like effect on the local economy.

This story was taken from a September 2, 2007 article in the New York Times. It was written by Nelson D. Schwartz (click link above to see complete article). It highlights the ramifications of the longer-term, often not considered, circle-of-life in the local community. The mortgage is just the starting point of the circle. This article takes a look at the other points of the circle, as the homeowners adjust to the changes as they move along this circle.