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Should Sub-Prime Lenders be bailed out by the Gov't?
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Should Sub-Prime Lenders be bailed out by the Gov't?
it still doesnt catogorize you as sub prime becuase you have excellent credit history and less likelihood of default.
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Posted 4/14/07 7:11 AM  |
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greenfreak
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Member since 9/06 11483 total posts
Name:
greenfreak
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Re: Should Sub-Prime Lenders be bailed out by the Gov't?
I'm torn on this subject, maybe because I don't own a home yet and I'm taking advantage of a non-profit that helps people like us become homeowners. We are not sub-prime candidates but we need other help, nonetheless.
Perhaps those who do own a home, and went through the hard work of that whole process can more easily afford to feel no sympathy. And are more concerned about their taxes going up.
What worries me is what happens to our neighborhoods and communities if people are left to foreclose? I already see tons of houses for sale in my neighborhood, what is this place going to look like with empty houses and overgrown lawns?
And what happens to the resale value of your neighborhood when the properties go to pot and the Mom & Pop businesses no longer have the customers they once did?
In addition to feeling sorry for the people who were naive enough to trust the lenders that scr*wed them, that is what I worry about.
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| Posted 4/14/07 12:21 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Should Sub-Prime Lenders be bailed out by the Gov't?
The bailout might be a good idea, having nothing to do with "saving" the individuals, but to avoid a wider collapse in the financial market. The whole thing reminds of the Long Term Capital Management debacle
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| Posted 4/14/07 5:53 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Should Sub-Prime Lenders be bailed out by the Gov't?
Posted by MsG
The bailout might be a good idea, having nothing to do with "saving" the individuals, but to avoid a wider collapse in the financial market. The whole thing reminds of the Long Term Capital Management debacle
you cant compare a hedge fund to the real estate market.
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| Posted 4/14/07 6:04 PM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: Should Sub-Prime Lenders be bailed out by the Gov't?
Posted by Meaghan729
Posted by KellyFG
not everyone that has a subprime loan has bad credit.
the definition of a subprime loan is a loan to someone with bad credit.
what you described is not a subprime loan.
the prime rate is the rate at which banks lend to their best (meaning most credit worthy) customers.
sub prime means below that.
Just an FYI everyone uses the words "sub-prime" This is not even a term used by mortgage professionals anymore. The terms used in the industry are a letter grade. A, B, C etc. Also who do you think brokers are getting loans from?? Countrywide has a B,C division, B of A, Wells, etc. VERY few brokers act as a banker especially now because the only reason why anyone was ever doing that was to sell the loans back to the big banks to service at a profit. Well teh secondary market is in shambles and that is why the industry is falling apart. My Dh is a broker(he has moved on to mostly commercial properties) and I was a wholesale rep for Countrywide.  
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| Posted 4/14/07 6:27 PM |
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