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Re: LMAOOOOOO HousingWire reports Carrington Mortgage Services launches subprime lending program. 

By: micro in POPE IV | Recommend this post (2)
Wed, 04 Apr 18 6:40 AM | 67 view(s)
Boardmark this board | POPES NEW and Improved Real Board 		Msg. 46434 of 47202
(This msg. is a reply to 46428 by capt_nemo)
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Here is why.

They learned by watching that they too can get bailouts by the taxpayers just like all the other mortgage lenders did who practiced the very same reckless practices. FANNIE, FREDDIE, and lots of other creditors.

THEN they all got creative and came up with toxic things called derivitives. These were all the under water mortgages because they all lent money to people without checking if they had a job, could they afford the loan, sub prime mortgages, 100 percent mortgages, etc.

EVERYONE got bailed out. Only the people who paid their mortgage payments as they should and their federal taxes got screwed.... Like we will again.......
Barf Barf Barf


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The above is a reply to the following message:
LMAOOOOOO HousingWire reports Carrington Mortgage Services launches subprime lending program.
By: capt_nemo in POPE IV
Wed, 04 Apr 18 6:00 AM 		Msg. 46428 of 47202

Stupid is as stupid does... chezzzzzzzzz Here we go again.............


Bad credit? 500 FICO score? Carrington doesn't give a damn.

HousingWire reports Carrington Mortgage Services launches subprime lending program.

Carrington Mortgage Services is launching a mortgage lending program that looks an awful lot like pre-crisis subprime lending, but the company claims that its new “non-prime” loans are much safer than the subprime loans of the mid-2000s.

In a release, Carrington quotes a study from Experian that states that 21.2% of Americans have credit scores below 600.

And those are the types of borrowers that Carrington is targeting with this new program.

Carrington’s loan program allows credit scores as low as 500. As stated above, “recent credit events” and a “history of late payments” are acceptable as well.

The loans are available for single-family homes, town houses and condos.

The program can be used for loans up to $1.5 million and cash-out refinances up to $500,000.

At this stage in the economy and after this massive runup in home prices, a company targets subprime.

Amazing.

Mike "Mish" Shedlock

http://www.themaven.net/mishtalk/economics/carrington-launches-subprime-mortgage-lending-uclPHB3EkkOR7-fifDJzWA/

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