A little light reading for you… Maybe this explains the modest increase of bank-owned homes in Somersett, and elsewhere around town.
Growing number of homeowners falling behind on payments. read
Subprime lending in turmoil. read
Mortgage bust continues. read
Foreclosure: how big a risk? read
Liar loans make many moan. read
Subprime lending pandemic. read
And the piece de resistance from Real Trends: "A California company has announced the launch of a patent pending program that
allows homeowners to defer anywhere from three to 36 months of their mortgage
payments, regardless of the lender. The company is currently seeking brokers to
market this program, coined 12 Month Deferral or 12MoDef, throughout the country
beginning in 2007."
Yeah, no payments at all… that should solve the problem!
RenoIgnoramus
Ahh yes, the next version of the Voodoo Supreme loan. The loan that does not have to be paid back.Clearly if borrowers don’t have to worry about ever paying the loan back, they can be secure in borrowing sums vastly in excess of their ability to repay. They can go out and pay anything for a house secure in the knowledge that it does not matter what they pay, because they will not have to worry about making a payment. We can quickly return to the days of 20% annual appreciation. Starter homes in Cold Springs will be up to $500,000 in no time. And realtors and mortgage brokers can return to those great days of 2004 and big paychecks!!