“The next six months, the industry, all of the folks that are out there trying to solve this problem, they are going to be very busy,” said Mark Fleming, chief economist for First American CoreLogic, a California research firm. “There are a lot of people facing their resets right now. A good share of them [...]
April 29, 2008 – 11:26 pm
Yesterday we were presented with a report that ut a glossy shine on the subprime crisis. In part – and the main emphasis on the report – was that the worst was over for the subprime crisis. We questioned the validity of the report, seen nationally and on Google News. Today, we are told the [...]
November 28, 2007 – 12:51 pm
A suit files in South Carolina alleges the borrower was not properly informed of how an option ARM actually works. The suit was filed Nov. 16 in U.S. District Court in Charleston and names as defendants World Savings Bank FSB of Oakland, Calif., and Golden West Financial Corp. and Wachovia Corp., both of Charlotte. Option [...]
November 23, 2007 – 1:00 pm
There may no responsibility to the customer when applying for a loan, but some loan officers felt bad when they knew the customer could not afford the house payment after the loan reset. They made the loans anyway. One website, Settlement Scams, shows how some loan officers made the loans anyway, telling about how they [...]
November 21, 2007 – 1:35 pm
Every new loan that is larger than the last contributes to increasing over-all economic instability. The outcome of such has historically been a crash corresponding to the magnitude of this debt distortion. According to analysts, by 1999 twenty-five percent of all sub-prime loans were made in a predatory manner. Some lending practices were modified after [...]
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