A Requiem for the Loosest Mortgage Terms
"No." It's a simple word but one that hasn't been heard from a lot of mortgage lenders over the past few years.
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Beginning with a period of historically low interest rates set by the Federal Reserve which dovetailed into the [ed: snark alert] almost artistic creativity in developing high-margin products for people with marginal credit looking to buy a house, lenders haven't had much of a reason to use the word which must not be spoken aloud to a customer.
Altos Research writes about trouble staying in business at subprime lenders New Century Financial and Fremont General. And another subprime darling, Novastar Financial has seen its stock do the windsheer formation.
Bad credit, no credit, no money, no problem, right? The tide is turning…
Mar.12.2007 [ Filed under: Bay Area Real Estate, Mortgages ] Comment Here »



