WASHINGTON - The Washington Post reports that nearly one in five buyers participating in a city loan program for first-time homeowners is behind on mortgage payments.
The paper says in a story Monday that's a default rate that's at least three times higher than the overall rate in the region ( http://wapo.st/y1wx1G). The paper says housing officials have routinely subsidized home purchases that low-income buyers could not afford.
City officials defended the Home Purchase Assistance Program, saying the 35-year-old program has helped more than 12,500 buyers.
Information from: The Washington Post, http://www.washingtonpost.com
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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