Posted by Patricia/VT on 7/12/11 8:31pm
Msg #389533

May be of interest

stment Firms Lending To Subprime Borrowers Again »
The Huffington Post | Alexander Eichler | July 12, 2011 at 03:52 PM

Subprime borrowers have been largely unwelcome in the lending market since the financial crisis, but it’s becoming easier for them to get a home loan.

A number of private investment firms are lending to home buyers whose credit scores do not meet the standards of banks, accordng to the Wall Street Journal. The firms are also more willing to accept alternative forms of documentation as proof of income.

The WSJ report comes only a day after a paper...

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Reply by Linda_H/FL on 7/12/11 9:08pm
Msg #389539

About a month ago I was talking with a LO

and this came up - he said he'd been getting e-mail info about it...he said for purchases there was going to be a substantial down-payment required and the interest rates were going to be somewhere in the teens.

We'll see - but isn't this what started the mess people found themselves in? Sure, let's loan money to people who don't have a prayer of being able to pay it back.

SMH

Reply by 101livescan on 7/13/11 10:31pm
Msg #389656

Re: About a month ago I was talking with a LO

Don't forget about those astronomical upfront fees and multiple, seemingly redundant lenders fees for everything including aggravation fees.