Wednesday, July 11, 2007
Calm down dear.. It’s a credit crunch!
Sub-prime mortgages 'set to grow'
Sub-prime mortgages are set to grow faster than mainstream mortgages, independent market analyst Datamonitor has said.
Posted by nearly30 @ 09:28 PM (461 views)
2 thoughts on “Calm down dear.. It’s a credit crunch!”
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japanese uncle says:
‘Sub-prime’ seems to have become an established term before we noticed in the UK as well. Never mind. Anyway, idiotic lenders must place their right hand on their chests and reflect how many mortgages applications they received and accepted without asking for any proof of income for the last three years. My hunch tells the at least 30% of them are the genuine sub-prime risks, and futher 30% will eventually be fully-fledged sub-prime risks as the circumstances deteriorate, ie, further IR rise, more and more job losses and not least the drop of house prices. Then you will see the real scale of the British property Chernobyl!! Congratulations!
dohousescrashinthewoods says:
I think this is desperate, spoutable rubbish. In a credit crunch it stands to reason that sub prime will ravaged.
Surely, if it “grows” this is probably due to changes in categorisation or more borrowers getting into trouble, not genuine business growth.