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  • From: Rob <becida AT comcast.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] Coming good house deals
  • Date: Sat, 10 Mar 2007 23:04:59 -0800

Crisis Looms in Mortgages

http://tinyurl.com/34kfvf

http://www.nytimes.com/2007/03/11/business/11mortgage.html?ei=5065&en=8ada7b183ae9e61e&ex=1174194000&partner=MYWAY&pagewanted=print

>>At the heart of the turmoil is the subprime mortgage market, which developed to give loans to shaky borrowers or to those with little cash to put down as collateral. Some 35 percent of all mortgage securities issued last year were in that category, up from 13 percent in 2003.

Looking to expand their reach and their profits, lenders were far too willing to lend, as evidenced by the creation of new types of mortgages ­ known as “affordability products” ­ that required little or no down payment and little or no documentation of a borrower’s income. Loans with 40-year or even 50-year terms were also popular among cash-strapped borrowers seeking low monthly payments. Exceedingly low “teaser” rates that move up rapidly in later years were another feature of the new loans. <<




  • [Homestead] Coming good house deals, Rob, 03/11/2007

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