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The Subprime Crisis: Is Your Home at Risk?
It's all over the news. Subprime mortgage companies are in the midst of a true crisis! According to The New York Times, over two dozen lenders have already closed their doors for good. In fact, more than half of the top 25 mortgage companies from 2006 have either reported serious losses, been sold off to other companies, or have filed for bankruptcy!
When asked how many subprime lenders will be taken down by the current credit crunch, Bill Dallas, mortgage industry icon and former CEO of Ownit Mortgage Solutions, replied "all of them." When asked how many borrowers would be impacted by tightening credit standards, Dallas estimated anywhere from 10% to 40%, adding, "the coming shift in available products will be huge." This could negatively impact anyone seeking financing in the next 12 months.
How has this happened? And, more importantly, how does this affect your mortgage?
Over the past few years, credit standards loosened considerably. According to a recent article in Market Watch, this was partly due to home prices surging to record levels in recent years. This meant that many people, who would have been unable to purchase or refinance a home, could suddenly obtain more financing than ever before. In fact, even ... more

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