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Thousands line up for zero-down-payment, subprime mortgages
DerekJohnson
Administrator, Swaye's Wigwam Posts: 70,131 
in Tug Tavern
Comments
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Lending money to those w/o proven means to make the payment or credit worthiness is FS.
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I can't comment effectively until I'm informed by our local financial savants.
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"It's total upside," said AJ Barkley, senior vice president of consumer lending at BofA. "We have seen significant wins in this partnership. Just to be clear, when we get those loans with all the heavy lifting here, we're over a 90 percent approval, meaning 90 percent of the people who go through this program that we actually underwrite the loans."
Look everyone is getting approved!!!!! Its great!!!! -
Seems familiar
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Too bad we can't look back to see how this turned out when they did it before...
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It looks like “The Big Short” is going to have a sequel. Can’t wait...
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While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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Another example of how Stalin lets the retard keep scoring
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If you have to stand in line and take special classes to get a no down loan, you already can't afford it, especially when the job mkt turns2001400ex said:
While I get your point. At least these are fixed rate loans at 4.5% and 15-30 year. The shitty loans that took down the market were often interest only, and they all were variable rate. So when they reset, people couldn't afford the payments.greenblood said:It looks like “The Big Short” is going to have a sequel. Can’t wait...
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In this economy!?
