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Subprime / Non Conforming Mortgage Loans Coming Back?
Here is a very interesting article in the Wall Street Journal - Pioneer to revisit Subprime.
A company has been formed - Shellpoint Partners LLC - that plans to start offering mortgages to people who have the ability to pay a mortgage, but do not qualify through Fannie Mae, Freddie Mac, or FHA.  This is a great sign for our housing market - we need private mortgage lenders to start coming back.  I am not saying we need to go back to the way it was from 2001-2007, but there are large number of people who cannot qualify for a mortgage right now and are a solid credit risk.  Shellpoint Partners LLC is going to require at least a 15% down payment and the new banking regulations require that borrowers have to prove income.  I will make the argument that some of these potential borrowers are a better risk than someone who gets a FHA loan with 3.5% down and has the seller pay all of their closing costs.
In order for housing market to bottom we need more jobs (lower unemployment rate) and we need private lenders to re enter the market.  The creation of Shellpoint Partners is a great ... more

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