subprime: Easy Subprime Loans May Be a Thing of The Past
- 03/10/07 03:35 AM
I remember when just about anyone with a pulse and a social security number could get a home loan. Times are changing. If you read the front page of The Houston Chronicle this morning, you may know what I am talking about. New Century Financial, America's 2nd largest subprime lender, has stopped accepting new home loan applications. Analysts say they expect New Century to file bankruptcy soon. The main cause of this dilemma, being a substantial amount of their borrowers defaulting on their home loans. I am sure their "creative" accounting practices did not help the situation. I am now receiving memos … (0 comments)
I remember when just about anyone with a pulse and a social security number could get a home loan. Times are changing. If you read the front page of The Houston Chronicle this morning, you may know what I am talking about. New Century Financial, America's 2nd largest subprime lender, has stopped accepting new home loan applications. Analysts say they expect New Century to file bankruptcy soon. The main cause of this dilemma, being a substantial amount of their borrowers defaulting on their home loans. I am sure their "creative" accounting practices did not help the situation. I am now receiving memos … (0 comments)
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