Whats the REAL deal with the mortage turmoil being discussed?
And what does is mean for consumers that have mortgages right now?
Asked By: mochachreme - 8/22/2007
Best Answer - Chosen by Asker
Ok, alot of the buyers out there got ARM's at a low rate because they have B/C credit. They were able to buy more house than they could afford, because the debt to income ratio was lower. In the mean time, while their interest rate was fixed and low, they should have been working on repairing their credit, paying off... More
Answered By: Cindy M - 8/28/2007
Additional Answers (4)
As long as you can pay, your fine. As long as you are not planning on moving or selling your home within the next two years, your fine. Everyone else is screwed.
Answered By: CHARITY G - 8/22/2007
The deal is exactly what it looks like. If you make bad loans to people with bad habits of finance then eventually they will come back to haunt you. If I make loans to people that are in a certain situation and they have always been in that situation, but they have no plan as to how they will get out of that old habit... More
Answered By: Ace - 8/22/2007
The real deal is that millions of Americans have been deceived into and/or knowingly participated in loan fraud... More
Answered By: Michael B - 8/22/2007
If you have a fixed rate mortgage, the current loan debacle means nothing to you. For those trying to obtain a mortgage in the next year or so, the credit score needs to be a good one.
Answered By: godged - 8/22/2007
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