During the housing crisis borrowers with bad credit records were unable to obtain mortgages, but now a small number of lenders are beginning to offer subprime mortgages once again. These types of mortgages are becoming available to borrowers who present a higher credit risk, typically those with scores of less than 640. The article in
Would Honesty, Education and Accountability Have Lessened Our Real Estate Market Woes?
Whether or not you believe that housing has hit bottom, there are some things to be learned from the recent fiasco that was the housing market. Greed is an ugly business, a vice to be eradicated, especially in the markets.
Credit Unions Enter Mortgage Market
Traditionally credit unions have been used for lines of credit and car loans, but now they are entering the mortgage market. Although their rates are not amazingly competitive, they do have the advantage of being able to offer lower fees and more flexible terms. Some have quite relaxed membership rules, so that this source of
Investors Want H&R Block’s Subprime Lender to Pay Up
Several mortgage bond investors are seeking assistance to force a subprime lending unit of H&R Block Inc. to buy back billions of dollars worth of faulty loans. The company, called Option One back when it did its dirty work, is now known by the name Sand Canyon Corp (SCC). H&R Block sold off the servicing