Mortgage loans for bad credit news |
Credit-score panacea failed to stop US mortgage crisis LOS ANGELES, May 10 (Reuters) - The crisis that has swept the U.S. subprime mortgage industry may come down to a simple, three-digit number, multiplied by millions. Mortgage debt relief in sight Measures would keep homeowners with bad credit from foreclosure. Homeowners drowning in debt from mortgages they cannot afford could get a breather from the state, if a package of emergency measures to be announced today is adopted. Pa. fund announced for subprime borrowers Members of the Pennsylvania House of Representatives Friday said the state would be starting a rescue fund for problem home mortgages and calling on subprime lenders to agree to a voluntary moratorium on foreclosures. Pressure at Mortgage Firm Led To Mass Approval of Bad Loans Maggie Hardiman cringed as she heard the salesmen knocking the sides of desks with a baseball bat as they walked through her office. Bang! Bang! FEATURE-Credit-score =2 Credit histories, part of the basis of a credit score, require some judgment and training to interpret, and decisions are subjective. MORTGAGES: Solutions to subprime woes shaping up in Congress After the requisite finger-pointing and blame-laying, Congress and federal regulators are moving toward some fixes to problems in the subprime mortgage market, a segment that caters to borrowers with spotty credit histories and whose problems threaten the broader U.S. economy. Tighter mortgage market shuns bad credit With a second child on the way, Chris Shields and his wife, Michelle, wanted to move from their two-bedroom apartment in Southern California to a house with more space. Tighter credit is hurting agents, lenders, builders Tighter lending restrictions that are cutting back subprime loans come at a bad time for the Phoenix-area housing market.{b} Lenders pull back, buyers lose dream{b} First-time buyers have options beyond subprime loans{b} Factors to consider when getting a mortgage State fund would help battle bad mortgages Read this article Mortgage brokers get fatter payoff for selling riskier loans ] |