No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
They were blamed for the biggest financial disaster in a century. Subprime mortgages – home loans to borrowers with sketchy credit who put little to no skin in the game. After the epic housing crash, they disappeared because of strong new regulation and zero demand from investors who were badly burned. Barely a decade later, they're coming back with a new name – nonprime — and, so far, some new standards.
This might be confirmation bias, but I've been saying recently that the housing market reminds me of 2006. Good news for me I guess, as I don't plan to buy for another 2-3 years, but I hope I am wrong for the economy's sake.
@Kree wrote:This might be confirmation bias, but I've been saying recently that the housing market reminds me of 2006. Good news for me I guess, as I don't plan to buy for another 2-3 years, but I hope I am wrong for the economy's sake.
I feel the same way about purchasing...
Remind me again, how did this subprime/variable APR thing turn out last time around?
ttulaw,
Definitely seller's market where I live also. Not looking to buy anytime soon but I can relate to what you're saying. I foresee bidding wars galore...
Ahhhh......'relaxed lending standards'. It sounds so nice! Sadly, what it really means is less regulation and more home loans defaulted on.....a slippery slope for the markets. But hey, it is great for a quick buck if you are in the banking/mortgage industry!
Looking at the lenders mentioned in that article, specifically at their programs, 10 to 20% LTV doesn’t translate to me as “not much skin in the game” for a conventional mortgage.