yeah...i'm interested to see how soft these guys are on the lenders who they call predatory on the one hand and buddies on the other...it's typical politico crap.
they did say they were going to do away with 0% down or at least try too and make it so you have to put at least 5% down. I remember when the average was about 20%.
Wow. The lady speaking now just told Sen. Shelby that 14% of subprime loans are 30 days or more delinquent and that's only as of 4th Quarter 2006. She also stated that about 1 million ARM loans are set to have their rates reset this YEAR!!!! That is nuts...this is worse than I thought for the whole RE market. I have to hand it to Dodd and Shelby...they are at least laying into these idiots a little. The guy from the Fed is the biggest ass...stated that they monitored underwriting practices on subprimes to make sure the companies weren't lending beyond their risk adjusted means yet, here we are! What an idiot.
Curious timing on this one: 11:38 EDT theflyonthewall.com: Countrywide-CFC says its foreclosures on 2006 subprime mortgages may top 2000's According to Reuters, Countrywide Financial said its foreclosures on 2006 subprime mortgages may top 2000's 9.9%, worst year yet. :theflyonthewall.com
It always makes a nice sound bite to have some poor schmuck tell his/her sob story, but the vast majority of these people knew exactly what they were doing.
Of course. I think this attorney now speaking is probably the soundest person up there sadly. Lenders pulled off the road of fairness in my opinion and catered to Wall St....the insider dumping levels in the industry is a good point in that direction. They fed into it and now are getting out on the top floor with a lot of money.