Here comes round two
http://www.cbsnews.com/stories/2008/...n4666112.shtml
-- - (This post was made using recycled electrons). |
Here comes round two
wrote in message ... On Mon, 15 Dec 2008 15:09:22 -0500, "Eisboch" wrote: http://www.cbsnews.com/stories/2008/...n4666112.shtml The 3d hit will be those people who simply realize it is cheaper to walk away from whatever equity they have now and buy another house at the bottom. The only thing that would stop this would be to go back to the "7 year blacklist" for people who default on a loan but that would decrease liquidity too. That's one thing I never understood. How on earth do you qualify for a loan if you just defaulted on one? All this hub-ub about checking your credit score, and pre-qualifying for a mortgage seems futile. Sub-prime mortgages are one thing (no income, or verification, etc), but actually defaulting on a mortgage, and qualifying for another?? That's beyond my limited comprehension. --Mike |
Here comes round two
wrote in message ... On Tue, 16 Dec 2008 20:17:42 -0800, "Mike" wrote: wrote in message . .. On Mon, 15 Dec 2008 15:09:22 -0500, "Eisboch" wrote: http://www.cbsnews.com/stories/2008/...n4666112.shtml The 3d hit will be those people who simply realize it is cheaper to walk away from whatever equity they have now and buy another house at the bottom. The only thing that would stop this would be to go back to the "7 year blacklist" for people who default on a loan but that would decrease liquidity too. That's one thing I never understood. How on earth do you qualify for a loan if you just defaulted on one? All this hub-ub about checking your credit score, and pre-qualifying for a mortgage seems futile. Sub-prime mortgages are one thing (no income, or verification, etc), but actually defaulting on a mortgage, and qualifying for another?? That's beyond my limited comprehension. --Mike That was the insanity that brought us here tho. The rule went from a 7 year blacklist (the maximum under the fair credit reporting act) to "as soon as your bankruptcy is discharged". They called them NINJA loans (No Income, No Job Applicant) Always been easy to get a loan after bankruptsy. If you had a job. You can not get out of paying the loan. |
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