Imagine you’re a homeowner.
You discover that instead of the expensive subprime mortgage loan you signed on for, you actually qualified for a prime mortgage with much lower interest rates.
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Upstairs at Victory Chapel Church - a cinderblock bunker converted from a long-ago Ford dealership - the pews are reserved for praising heaven.
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The butcher’s son who built the largest mortgage lender in the United States is in no mood for soul-searching over the bad credit home loan crisis.
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Stated income loans cannot be trusted.
So is the conclusion of Comptroller of the Currency John Dugan, who says use of unverified income data in making home mortgage loans to borrowers with poor credit histories should be the exception rather than the rule.
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Two recent transactions have put a hole in market pessimists’ arguments that the bad credit mortgage market’s problems will weigh down the U.S. economy and stock market.
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The Center for Responsible Lending sent out the following press release, in response to steps taken by mortgage lenders to clean up the current subprime mess…
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As mortgage problems persist, the growing chasm between those who can have home loans and those who can’t as lenders tighten standards for bad credit loans but not prime rate loans, is increasingly evident.
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The bad credit mortgage lending industry’s deep freeze has sent chills over the rest of the industry as layoffs continue to spread to those who issue home loans to the more credit-worthy borrowers.
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Federal Reserve Chairman Ben Bernanke came out swinging Thursday. He’s been facing criticism from some members of Congress over lax regulation of the nation’s mortgage market.
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Elizabeth Redrick, 77, has lived in her Cleveland home for almost four decades. Now, suddenly, she may lose it.
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