Subprime lending once hurt the elderly in the United States. It only took three more years for subprime to hurt all borrowers and the entire world economy. Back in 2004 subprime was not necessarily predatory lending. Others argued that mortgage fraud became predatory lending, which then evolved into subprime. Regardless of the position you take …
A reset is when an adjustable rate mortgage goes to the next interest rate level, thus increasing the mortgage payment. Adjustable rate mortgage resets through the end of July 2007 were $197 billion (USD). That is less than what is projected for February and March – and just February and March – of 2008. The …
Roger Miller (see) released a song called “When a house is not a home”, and it is was recently re-released by talented musician Bobby Flores on his CD called “Too Many Rivers.” What is my point? In 2006 about $3 trillion (USD) represented the sum total of all United States mortgages. Of that total, about …