Subprime mortgage loan foreclosures
Here's an eye-opening report from the Center for Responsible Lending regarding subprime lending. It's gotten some play in the media...here's an article. It predicts foreclosure for 1 in 5 subprime loans.
A side note and related, I just got a call regarding subprime mortgagors who are already "under water" on their loan and just got served with a Summons in a foreclosure lawsuit.
What's the answer? More regulation? To me the problem areas are the mortgage products that allow a mortgagor to owe more than they borrowed, irrespective of property value. We can't control a real estate market collapse, right? I have friend who's trying to sell a deceased parent's home in suburban Detroit and values have just tanked. A person taking out 80% on a 30-year fixed would be in trouble there. But the person with one of these payment option loans where every month you're owing more money and not less is just asking to lose the property.
posted by Peter @ 11:28 AM
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