Upside Down Mortgage

Subprime Statistics

Question: Does anyone have any interesting facts or statistics about the subprime loan fiasco going on?

I would like to know some of the interesting details that effect the market. Thanks folks!

Answer: Ask anyone with a statistical degree and they will give you a pretty interesting story. I was lucky enough to hear part of it today. It seems that this isn't the economy at all. IT is the loans that were written in 2003/2004 that hit the adjusting time frame so that they are higher now and the people who committed to paying them may not have received the raises or whatever they had planned on happening didn't happen so we may see even more hit in the next year than have happened so far but, it is old news. Not new news! The mortgage industry could have predicted this would have happened and perhaps there was a bit of greed involved. I do know that the industry is scrambling to find away to help the people who are looking to buy today. We had a suggestion from our favorite lender today that said simply-look at the FHA products-they aren't as big a pain as they used to be. He also cautioned us to not expect 100% ffinancing for people who are in the 500's for their credit scores-not out there anymore. Hope this helps a bit. Good luck if you are moving. I can refer you if you have a need for it.

Ron Paul: The Entire Economic System is Subprime

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!