Posted: Thu Nov 29, 2007 8:56 am Post subject: Re: Our Money System and Oil Depletion; Are they Compatible?
I do not know about money system and oil depletion, but credit markets seem to have some pretty serious disconnects with reality in which homeowners were able to borrow against home equity, but now that those loans are upside down they can keep their homes. That just sounds like poor credit decisions coming back to haunt over-zealous lenders.
Quote:
Easing credit conditions allowed home equity loan volume to triple in the decade ending 2005, when volume first topped $1 trillion, according to the Harvard Joint Center for Housing Studies. Many lenders are now cutting back. Wells Fargo this week significantly curbed its home equity business conducted through brokers.
"It's hard to gauge which lenders are most at risk, but pretty much any large lenders will have exposure because most made piggyback loans in the last three years," said Guy Cecala, publisher of the newsletter Inside Mortgage Finance.
"Many were squirrelly deals to let borrowers work their way around underwriting requirements," he said. "In a declining market, borrowers are realizing it was a bad idea to take out the second mortgages. Theyarealsolearningthataslongastheykeeppayingontheirfirstmortgages,they'llkeeptheirhomes."
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