SubPrime Mortgage Blues
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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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…
@mongobobo
What is the Key disfavors by Having Your Mortgage
realmortgagepaid.blogspot. com
no, that’s not true. I was a 24 yr old Mortgage Broker in Central FL just doing my job. When a AccT Ex would come to sale us a new program my understanding was that this was under great supervision. Boy was I wrong.
It’s true eveyone involved knew this bubble would burst. They ALL had a part in creating this so we would have a recession today. Get your facts and fight lenders legally!!
Relan Real Estate and Mortgage will get their pay back for steering customers into sub prime loans and for fraud.
Bin Laden and the terrorists are responsible for this mortgage mess, according to Bush, not the good people of Wall Street
more false BS–actually ACORN along with congress forced lenders to give credit to people with poor credit–and banks got greedy and did what they asked. That coupled with poor financial awareness of the borrower not reading thier loan documents caused the problem..
look where we are today, facing the greatest financial crisis since the ameican revolution
Thank you for your insights!
Maybe in your area, but over America this isn’t true. Many people with good credit jumped in to make cash fast. There will be another wave of foreclosures coming up, as Alt-A and prime loans reset. Subprime was first but it’s not limited to subprime loans.
thehelpfund.blogspot
thehelpfund.blogspot
i think its so funny watching this now and hearing the last few lines lol
“Hispanics weren’t being greedy, they were being had”
Quite true, and by their “friends,” the Democrats.
While Obama & the Democrats were cashing their big paychecks from FannieMae & FreddieMac, McCain and 18 other REPUBLICAN Senators were loudly predicting this disaster and trying to STOP it.
Their letter (May 2006):
tinyurl (dot) com/3q6dc9
(fix the “dot”)
Note that NOT ONE DEMOCRAT signed this letter.
Where was Sen. Obama that day? Running for President, too busy to give a shit.
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 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.
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!!!
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!!
Well, see you on capital hill…
I swear, if there is a bailout, I’m going to march up to capital hill.
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.
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.
Do you want a medal for being an a hole? I’m sure you already have plenty.
Do you want a medal?
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.