90% of homeowners take out subprime from ’98 to ’06

[cooperthedog]

90% of homeowners take out subprime from ’98 to ’06.

This really got my attention, as that number seems exceedingly high. This would mean that 9 out of every 10 homes were refinanced/purchased with a subprime loan…

To clarify, what the article actually states is that the number of subprime loans made during that period (which is a fraction of all mortgages), 90% were refi’s.

[quote]Discussion of the problem often focuses on first-time home buyers who stretched to buy homes they couldn’t afford. But experts who’ve crunched the numbers say 90% of people who took out sub-prime loans from 1998 to 2006 were already homeowners.[/quote]

This would tend to support the predatory lending thesis (in addition to the lack of due diligence by the homeowner).

[ibjames]

it’s your home.. how can you go around signing things without knowing all the details??

5k for new windows? How about $50 and some elbow grease and put some plastic up?

[ibjames]

it’s your home.. how can you go around signing things without knowing all the details??

5k for new windows? How about $50 and some elbow grease and put some plastic up?

[ibjames]

it’s your home.. how can you go around signing things without knowing all the details??

5k for new windows? How about $50 and some elbow grease and put some plastic up?

[ibjames]

it’s your home.. how can you go around signing things without knowing all the details??

5k for new windows? How about $50 and some elbow grease and put some plastic up?

[ibjames]

it’s your home.. how can you go around signing things without knowing all the details??

5k for new windows? How about $50 and some elbow grease and put some plastic up?

[jpinpb]

Yeah. I was rather surprised to read 5k for windows – back east. I’m sure they double-paned, but how many windows does she have?

[jpinpb]

Yeah. I was rather surprised to read 5k for windows – back east. I’m sure they double-paned, but how many windows does she have?

[jpinpb]

Yeah. I was rather surprised to read 5k for windows – back east. I’m sure they double-paned, but how many windows does she have?

[jpinpb]

Yeah. I was rather surprised to read 5k for windows – back east. I’m sure they double-paned, but how many windows does she have?

[jpinpb]

Yeah. I was rather surprised to read 5k for windows – back east. I’m sure they double-paned, but how many windows does she have?

[kev374]

she admits she did not understand the terms of the loan then the big question is…WHY did she sign an agreement she did not understand? Perhaps it is more likely that she understood the nature of the loan but did not care because she wanted the money at the time. Now when she has to pay the price she cries tears and has excuses up the wazoo about why she signed those papers.

[kev374]

she admits she did not understand the terms of the loan then the big question is…WHY did she sign an agreement she did not understand? Perhaps it is more likely that she understood the nature of the loan but did not care because she wanted the money at the time. Now when she has to pay the price she cries tears and has excuses up the wazoo about why she signed those papers.

[kev374]

she admits she did not understand the terms of the loan then the big question is…WHY did she sign an agreement she did not understand? Perhaps it is more likely that she understood the nature of the loan but did not care because she wanted the money at the time. Now when she has to pay the price she cries tears and has excuses up the wazoo about why she signed those papers.

[kev374]

she admits she did not understand the terms of the loan then the big question is…WHY did she sign an agreement she did not understand? Perhaps it is more likely that she understood the nature of the loan but did not care because she wanted the money at the time. Now when she has to pay the price she cries tears and has excuses up the wazoo about why she signed those papers.

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