Bad credit home loan holders being rescued by the government? Let’s find a different way to help, says an industry insider.
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CNBC columnist Diana Olick this week received a press release from the National Association of Realtors, the headline of which reads as follows: NAR Partners with Center for Responsible Lending and Neighborworks America to Keep Families in Their Homes.
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A group of Democratic lawmakers hopes a multimillion-dollar “rescue fund” will help Pennsylvania mortgage holders trapped in bad home loans straighten out their personal finances.
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Rising interest rates and dropping home prices have squeezed a market that had been propped up by risky home loans and easy credit during the housing boom.
As mortgage bills came due, the rates of home mortgage foreclosures rose, and the easy credit dried up for many American families.
Frighteningly, you can.
Companies are selling or renting access to improved credit by adding low-scoring borrowers as authorized users of credit cards belonging to those with stellar credit, reports a syndicated real estate columnist.
Lenders hit by the collapse of the subprime market are shuffling back to an old faithful: the FHA loan, or residential mortgages insured by the Federal Housing Administration.
Today’s subprime meltdown - and tomorrow’s bigger Alt-A mortgage debacle - will bring out a lot of politicians who will demand that something be done to protect consumers from dangerous loans.
The sharp decline of the subprime housing market offering high-cost mortgages hasn’t yet hit bottom, the head of home mortgage buyer Freddie Mac said yesterday.
They got themselves into this mess and I don’t want my tax dollars used to get them out of it.
That’s the attitude of many when it comes to bailing out subprime borrowers from bad loans.
Cheating on mortgage applications is so widespread, and so seldom punished, that it’s fueling an increase in foreclosures that will prolong the housing slump, said Robert W. Russell, counsel to the director of the U.S. Office of Thrift Supervision, which oversees savings and loans.