Subprime Mortgage Loans
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Borrowers snared in the subprime syndrome went from one subprime mortgage to another. Those without a long-term plan couldn't break away from subprime mortgage lending into traditional mortgage financing.
Perhaps this story sounds familiar...
"I couldn't buy a home without a downpayment. So I needed a subprime mortgage. But 2 years later, my adjustable rate mortgage went up and my house value went down. My only option was to refinance with another subprime mortgage. Now my new house payment is so high I'm facing foreclosure."
Why Subprime Mortgages Helped Homeowners
Subprime mortgage loans fulfilled an important role in increasing homeownership. Before subprime lending, the opportunity to own a home skipped past many Americans. Whether it was bad credit, no money down, low cash flow, or unexpected medical bills, many homeowners simply couldn't qualify for traditional mortgage financing. They needed subprime mortgage lending.
Natasha felt trapped by her ex-husband's bad credit.
Fred and Josie were discouraged because their student loans left them without a downpayment.
Julio desperately needed cash to strengthen business during the oil crisis.
Unexpected hospital bills left Betty wondering how to stop mortgage foreclosure.
Ben S. Bernanke
Why did Ben Bernanke support subprime mortgage loans?"The expansion of subprime mortgage lending has made homeownership possible for households that in the past might not have qualified for a mortgage and has thereby contributed to the rise in the homeownership rate since the mid-1990s....
Not only the new homeowners but also their communities have benefited from these trends." -- Ben S. Bernanke, Federal Reserve Board Chairman
A Cure For Subprime Mortgages
Although subprime mortgage loans helped many people in the short term, homeowners were left without a long-term solution. But you're in luck today. By the time you finish reading the next page, you'll will have learned a Powerful Cure To Subprime Mortgages.
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