Sub Prime Market
Cleveland Sees Half of it Sub Prime Mortgages go to Foreclosure
Tuesday, May 13th, 2008A local Cleveland newspaper covering the foreclosure crisis in the area called the Plain-Dealer released an alarming new report on the sub prime mortgage market in the city. The report indicated that of all the properties bought with sub prime mortgages in the year 2005 in the Cleveland area, about half those homes have now [...]
Countrywide Sees Effects of Tighter Lending Standards on Subprime Market Loan Defaults
Wednesday, March 26th, 2008Countrywide Financial, one of the country’s biggest mortgage lenders, reported Thursday that their foreclosure rates saw a steady climb, but that the rate of mortgage delinquencies actually slowed slightly, which could be a good sign for the efforts of state legislatures and local foreclosure prevention agencies attempting to remedy the crisis in the subprime market.
But [...]
Subprime Market Hurts Property Values Everywhere
Wednesday, March 19th, 2008If homes in your area are facing foreclosure due to the subprime market, it could also be hurting the value of your own property.
Before a home can be sold, an appraisal must be made on it so that the real estate agent in charge of the sale can correctly determine its value. However, when appraisers [...]
Federal Policy Maker Slams Banking Industry Over Subprime Market
Thursday, March 13th, 2008Federal Reserve policymaker Fred Kroszner spoke out against the banking industry on Tuesday, delivering heavy criticism for their lack of care in lending and lending policy regarding the subprime market and its effect on the housing and mortgage market.
Kroszner’s remarks have echoed the sentiments of many policymakers, public officials and citizens. Banks and lenders have [...]