CALABASAS, Calif. — Martin and Cindy Arroyo knew they were not ideal candidates for a home loan.
She had gone through a foreclosure after losing her job, and he was finishing his M.B.A. and had not yet found his current position. But they had managed to put together a down payment of more than $550,000, or three-quarters of the asking price for a four-bedroom house in Los Gatos, and thought they would find a bank willing to lend the rest. They didn’t.
So the Arroyos found an alternative: a subprime mortgage.
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