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list of subprime lenders FAQ


http://lenderimplode.com/


If you need a subprime lender, which you probably won't find, then you are not ready to buy a house. You need to work on getting your credit score-up and save more money to put as a down payment. Don't get in over your head.


Yes, there are lenders who will do no-seasoning refi's. Bank of America is one of them. There are several more in my region (and I assume yours as well). There are very few sub-prime lenders who will touch a no-seasoning refi in today's market.


Sub-prime personal loans are called payday loans, and are not available in amounts that large. Sub=prime HOME loans are all but extinct. Sub-prime mean you FAIL to meet the underwriting standards for a loan. When loans were secured by homes that were

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Inquirer Editorial: Greed led to crisis

24.07.11

What a week for mortgage scams and abuses.

A North Jersey man pleaded guilty to his role in a conspiracy to bilk lenders out of $40.8 million in mortgage payments on resort properties, including 28 condo units in Wildwood Crest.

And the Federal Trade Commission announced that borrowers charged exorbitant fees by the now defunct Countrywide Home Loans would share a $108 million settlement.

Justice may be late, but it's finally grinding in the right direction.

The schemes are a reminder that the foreclosure crisis began with a classic con. Each side thought it was getting over on the other. Deceitful mortgage brokers and lenders extracted obscene fees and interest rates from consumers, then dumped their toxic assets on investors. Buyers, many with bad credit, got high-cost, subprime loans they knew they couldn't afford. And so it went, partly because regulators waited too long to pay attention.


Source: Philadelphia Inquirer

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