As Mortgage Rates Rise, More Deals Sink
The suffocating embrace of the subprime crisis is definitely starting to take the wind out of the city’s residential deals. Mortgage brokers say they’re seeing a pronounced uptick in the number of buyers who are backing out of deals because they can’t get mortgages at competitive interest rates. Hardest hit are borrowers who don’t have…
The suffocating embrace of the subprime crisis is definitely starting to take the wind out of the city’s residential deals. Mortgage brokers say they’re seeing a pronounced uptick in the number of buyers who are backing out of deals because they can’t get mortgages at competitive interest rates. Hardest hit are borrowers who don’t have excellent credit histories, or who expected to take out large mortgages and then pay them down with bonuses. A number of brokers say they’re seeing plenty of prospective buyers who didn’t lock in rates and who can’t close on the units because they can’t afford higher-than-expected monthly payments. And these are borrowers who aren’t necessarily on financially shaky ground—a sobering article in today’s Times documents some of the effects of too-lenient lending practices geared towards lower-income earners. Large swaths of working-class enclaves in the boroughs, like parts of central Brooklyn, have turned into new-development ghost towns because of predatory lending practices and concomitant rising foreclosure rates. So it’s becoming clear that the mortgage industry crisis is now affecting the city’s haves and have-nots. Anyone had a deal scuttled recently?
Frustrated New Yorkers Grapple With Loan Rates [NY Times]
Risky Loans Help Build Ghost Town of New Homes [NY Times]
Photo by D.B. Blas
Sure, freedom of speech is great. The What can post all he wants, as far as I’m concerned.
I just hope he realizes that the second I see his trademark posts, I move to the next.
I’m guessing a lot of people do the same.
Hey bud…reposting the previous comment every time really isn’t necessary btw.
It’s all a smokescreen to make your comments as long as possible because you think more people will read them, when it actually has the opposite affect.
Hey What – your excessive use of capital letters (and exclamation points) doesn’t make you correct. You’re like one of those people who believe that whoever yells loudest “wins” the argument.
I kind of dont mind “The What” too much.
His views are alarmist and extreme, but he does make some interesting points…
Better than alot of the other dribble that comes out on this board.
I think he is wrong, but entitled to an opinion like everyone else.
You do realize, “the what” that not a single person on this board seems to give a rats ass about what you speak of.
It’s all jibberish and nonsense.
Perhaps you can take an English course or two and then revisit our lovely site…?
“12:11 and “The What” are in the middle of another joint snow job. Soon, when they realize the Federal Reserve isn’t going anywhere, they will begin stockpiling ammo and threatening people. The Federal Reserve exists to centralize bank functions in this country. It’s not a perfect system, but it beats the relative anarchy that proceeded it. Alarmist videos can counter what’s in the history books: In 1863, as a means to help finance the Civil War, a system of national banks was instituted by National Banking Act. Later, a series of retractions of loans and refusal to renew old ones created bank “panics,” in 1873, 1893, and 1907. This provided the backdrop for the renewed calls for the creation of a centralized banking system,[1] although the notion of a central bank was unpopular with the people due to fears of giving a central authority power over the monetary system.[2]
Posted by: guest at September 24, 2007 1:11 PM”
This is why things are fucked up. The powers that be want you to be ignorant. THE FED IS THERE FOR THE PRIVATE BANKING INTEREST!!!!!!!!!! THEY DON”T GIVE A FUCK ABOUT YOU OR ME!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
2:34 – Doubt very much that being late on 1 payment in 1998 for $5 is really affecting your score that much.
Really, the key factors are total credit used compared to credit available, status of any installment loans – i.e car, student, etc., and number of deliquencies.
If you are going for a full doc loan (Which is definately becoming mandatory these days) you will have to apply jointly with your wife if you want your income to be considered. The banks will consider your low credit, but not necessarily as the overiding factor. Best to just start calling some banks and see what programs will be avaiable with your situation.
You can also speak with a mrtgage broker who may be able to get around your credit issues, but with a substantially higher rate.
Anyone know how banks look at the credit scores of couples. My wife carried a bunch of debt for years until recently paying it off so she has a great FICO, whereas I was late on a $5 checking account fee in ’98 and have a much lower score. Should a loan be sought after only using her name? Thanks.
12:11 is right. If you want to know how the Federal Reserve system works, there’s no more relevant authority than http://video.google.com/videoplay. All the yuppies on this board with their 700+ FICO scores just cant handle the truth–but they’re probably also using those plastic cards and paper money.
12:11 and “The What” are in the middle of another joint snow job. Soon, when they realize the Federal Reserve isn’t going anywhere, they will begin stockpiling ammo and threatening people. The Federal Reserve exists to centralize bank functions in this country. It’s not a perfect system, but it beats the relative anarchy that proceeded it. Alarmist videos can counter what’s in the history books: In 1863, as a means to help finance the Civil War, a system of national banks was instituted by National Banking Act. Later, a series of retractions of loans and refusal to renew old ones created bank “panics,” in 1873, 1893, and 1907. This provided the backdrop for the renewed calls for the creation of a centralized banking system,[1] although the notion of a central bank was unpopular with the people due to fears of giving a central authority power over the monetary system.[2]