SubPrime Mortgage Blues



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If your credit isn't the best, you might be familiar with sub-prime loans: they're the kind with a high rate for people with low credit...


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Array ( 9 months ago by nobodybidness)
Good info.
These days you have to have HUGE credit and deposits to qualify. You can borrow funds to hold on deposit without even a credit report, if you agree to hold the funds on deposit in an account in your name - a great way to get a VOD too. creditloader dot com offers these loans at 4.9% APR.
That's AMERICA..... ... ( 9 months ago by jaxagent29)
That's AMERICA...............
The fire is on both ... ( 9 months ago by TYX91101)
The fire is on both sides of the wall.
I paid $89,000 for ... ( 8 months ago by nesnman)
I paid $89,000 for my florida home in 1992. It's now paid for and worth $389,000. My Maine Home is worth $489,000. I paid that off in 1988. I only mortgage a home for 15 years and I would never use a subprime lender.
"possible but not ... ( 8 months ago by mongobobo)
"possible but not likely"
lol...UR A GENIUS!!!
4.5 X Annual Income ... ( 8 months ago by mongobobo)
4.5 X Annual Income= what you can afford to borrow.
lol.. great post ... ( 8 months ago by mongobobo)
lol.. great post ajas95
Bushco was ... ( 8 months ago by Nin1963)
Bushco was complicit in this mess. How many times during the last 8 years has Mr Bush talked about the "economy" as strong and pointed to housing numbers to assert this claim? Lot's. It was all an illusion. Keep the masses thinking they are better off while the country's economy tips closer to the cliff in order to advance as many changes to law as possible, completely politicize the DOJ and govt and head for Republican hegemony.
Bush tapped an ... ( 8 months ago by Nin1963)
Bush tapped an obscure federal agency created during the Civil War called the Office of the Comptroller of the Currency. "In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act preempting all state predatory lending laws, thereby rendering them inoperative, "The federal government's actions were so egregious ... that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules."
"Predatory lenders" ... ( 7 months ago by JohnR22926)
"Predatory lenders" is PC lingo designed to put the onus on "the bankers/capitalists". Many banks threw caution to the wind and gave mortgages to people that clearly couldn't afford them in the long run. The banks should suffer the consequences by absorbing the losses. Once burned, twice learned. The people that signed these mortgages were a combination of greedy and stupid. Greedy because they bought more house than they could afford. Stupid because any idiot KNEW rates would eventually go up.
People on both ... ( 7 months ago by Nin1963)
People on both sides of this need to step up and take responsibility. However, when the feds gave a nod to the risky loans by getting rid of oversight state by state (thanks lending lobby) and targeted low income (who by the way 50% of them would have qual. for FHA loans), the govt providing no regulation at all with these new banking products that were untested, bundling with other investments...it's a mess sponsored in part by Bushco. Fact.
Fair enough. I ... ( 7 months ago by JohnR22926)
Fair enough. I don't disagree with any of this. Lets also acknowledge that both Reps and Dems were all in favor of expanding home ownership...for legitimate social and economic reasons. One more example of govt "good intentions" resulting in unintended consequences.
Absolutely they ... ( 7 months ago by Nin1963)
Absolutely they both were. And, we have to recognize that a complete hands off of these banks and these new products is a no no. We must have a healthy balance between some regulation (let's face it, if we left every business do whatever the hell they wanted, we would all be dead from toxic air and water) and pro business to support growth. But we MUST have oversight.
Do you want a medal? ( 7 months ago by georgewtwat)
Do you want a medal?
Do you want a medal ... ( 7 months ago by nesnman)
Do you want a medal for being an a hole? I'm sure you already have plenty.
People who use ... ( 7 months ago by nesnman)
People who use subprime loans already are a credit risk. I own both of my homes and I'm doing great. But I keep my cars for at leasts 10 years and I don't have any debt.
Stated Income is ... ( 7 months ago by Fredzep2k)
Stated Income is essential for Self Employed Borrowers. Anyone who understands self employment writes off everything they can and pays themself as little as possible W2 money to minimize taxes. These folks may be more than qualified for X mortgage.
I swear, if there ... ( 5 months ago by stinkypoon)
I swear, if there is a bailout, I'm going to march up to capital hill.
Well, see you on ... ( 4 months ago by Cubicleboy04)
Well, see you on capital hill...
The SUB PRIME LOANS ... ( 2 months ago by iamauscitizen)
The SUB PRIME LOANS which caused this crisis in the Mortgage Industry are always in the HISPANIC COMMUNITY across the country. Who is responsible for giving the SUB PRIME LOANS TO MAJORITY HISPANIC PEOPLE?Why is PRESIDENT BUSH allowing OUR TAX DOLLARS to rescue peoples' homes who have NO SOCIAL SECURITY NUMBER!HOW can you tax or track a homeowner who has NO SOCIAL SECURITY NUMBER OR EIN NUMBER?I have a right to know.I am a US CITIZEN.I am tired of giving ILLEGAL ALIENS ANOTHER free ride!!
HISPANICS were the ... ( 2 months ago by tellthetruthh)
HISPANICS were the major group to hold SUBPRIME LOANS. HISPANICS were given loans when other groups could not get them. Now they want to be bailed out of their mess!!!If they weren't so greedy they would not be in this situation. Most of them didn't even have SSN oe EINS.Now BUSH has made it possible for them to get bailouts without SSN or EINs!!! S0illegals aliens are milking the system again!!! While Americans pay the bill!!!
I worked in the ... ( 1 month ago by Gary1111001)
I worked in the mortgage ind. from 04-07. The above post is true except Hispanics weren't being greedy, they were being had.
And it wasn't just hispanics, though they are given benefits that others are not.
Without regulations ... ( 1 month ago by AwakenToYourTruth)
Without regulations, people tend to do the greediest and stupidest things. But we need the learned to lead the way. Why don't they lead us on the right path instead of the wrong one?
i think its so ... ( 2 hours ago by EricBoisen)
i think its so funny watching this now and hearing the last few lines lol




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