Monmouth and Ocean counties led the nation last year in the percentage of borrowers extracting cash from their houses.
A staggering seven out of 10 high-risk borrowers in both counties — those with low credit scores — refinanced loans to obtain extra cash.
New Jersey had five counties in the top 25.
The nearly 79,973 subprime borrowers in New Jersey owe an average of $250,614 on their loans, the fifth highest balance in the United States.
Cf. "President salutes effort of credit-counseling agencies" - Examiner, 4/3/08.
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