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Key Questions:

    1. How at risk is Illinois to the subprime mortgage crisis?
    1. Subprime loans taken out by home owners in Illinois were meaningful more than the national average in 2006. That is to say, Illinois will likely be more affected by the subprime mortgage crisis in years to come as a greater percentage of all mortgages in Illinois - 13.4% versus 12.0% - will reset to higher rates in 2008. This will likely trigger a higher amount of foreclosures caused by the reseting of subprime mortgages in Illinois than other areas of the US.
    2. How stretched will home owners in Illinois be in paying off their mortgage?
    1. Homeowners in Illinois borrowed an average of 1.81 times their annual income for their mortgage. This compares to 1.83 for all of the US. Based on the national average, there will be a normal risk that Illinois homeowners will default on their mortgage payments in the coming years.
    3. Who are the leading lenders in Illinois?
    1. The leading lenders, by market share, are Countrywide Home Loans, Washington Mutual Bank and Jpmorgan Chase Bank. Do you have the best rate possible? Get quotes from mortgage lenders.
    4. How likely are the owners of homes in Illinois to actually live in them?
    1. 90.8% of home owners in Illinois that applied for a mortgage in 2006 live in their homes versus owning them as an investment property. This compares to the national average of 89.0%.
2006 Mortgage Research Illinois US
Total Applications 1,378,587 33,304,682
Average Loan $173.9k $184.9k
Loan to Income Ratio 1.81 1.83
Subprime Loans 13.38% 11.98%
Refinancing Loans 50.65% 50.05%
Principal Dwellings 90.76% 88.97%
Rejected Applications 13.14% 12.36%
Top Ten Lenders
# Name Share Apps
1 Countrywide Home Loans 6.66% 91,767
2 Washington Mutual Bank 3.87% 53,354
3 Jpmorgan Chase Bank 3.24% 44,657
4 Wells Fargo Bank, Na 3.11% 42,820
5 National City Bank 2.92% 40,261
6 Citimortgage, Inc 2.89% 39,815
7 Lasalle Bank Na 2.44% 33,616
8 Argent Mortgage Company 2.15% 29,609
9 Countrywide Bank, N.A. 2.01% 27,662
10 Bank Of America, N.A. 1.83% 25,178