Thursday, December 6, 2007

Subprime – it’s ALL subprime!!!!!

Subprime Debacle Traps Even Very Credit-Worthy

One common assumption about the subprime mortgage crisis is that it revolves around borrowers with sketchy credit who couldn't have bought a home without paying punitively high interest rates. But it turns out that plenty of people with seemingly good credit are also caught in the subprime trap. An analysis for The Wall Street Journal of more than $2.5 trillion in subprime loans made since 2000 shows that as the number of subprime loans mushroomed, an increasing proportion of them went to people with credit scores high enough to often qualify for conventional loans with far better terms.

55% of all "subprime loans" were to "credit worthy" borrowers

Posted by lvmreader @ 01:16 AM (486 views)
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2 thoughts on “Subprime – it’s ALL subprime!!!!!

  • European-bear says:

    Anyone who took such a loan when better terms were available is just stupid. They should read the small print!

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  • brokers in the us missold morgages, they told people they were getting a 25 year fixed rate deal
    only to change it last minute to a teaser subprime because they got a higher commision

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