Between 2006 and the middle of 2008, many mortgages slipped "underwater." This means that _____
A) borrowers owed more than the house was worth.
B) borrowers owed less than the house was worth.
C) borrowers owed nothing on their mortgages.
D) their basements flooded.
E) the area they lived in was flooded as a result of a hurricane.

Question

Quizplus · Accepted Answer

"Underwater" mortgages refer to situations where the borrower owes more on their mortgage than the current market value of the house.

Between 2006 and the Middle of 2008, Many Mortgages Slipped