Upside Down Mortgage

Posts Tagged ‘mortgage rates subprime blogger’

Mortgage Rates Subprime

Question: My mortgage lender is having subprime worries. Should I be worried?

My mortgage is with Countrywide, and if you've seen the news today, they're starting to get hit with issues stemming from subprime loans.
I wondering whether this is something I should be worried about or not.
My gut feeling is that it shouldn't matter. I have an established loan with a good fixed rate. They can't raise my rate or anything like that, everything is contractually bound. If they go bankrupt (which is unlikely) my loan still shouldn't be affected as far as I can tell.
What are other people's thoughts here? Is there any reason to be concerned about financial issue at your lender?

Answer: You have nothing to worry about.

Even if Countrywide were to close down, your loan would be sold to another servicing company and you will continue making the same payments.

They cannot change the terms of your closed loan.

Mortgage rates drop

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!

Subprime Blog

Question: dow is down, subprime=worse, natl debt=8 tril+, trade def=large. should we worry? or is this just a bus cycle?

check brad setser blog for more.

Answer: U can worry all you want, but it'll just make u sick after getting confused by all the economic mumbo jumbo.

Best thing to do is just be frugal about your own consumption and credit dealings. Everyone else may be irresponsible (be it individual's or the government's spending), but u don't have to be.

Foreclosures, Subprime Mortgages & America's New Tent Cities