Mortgage and Real Estate Blog

Subprime mortgages has been in the news a lot lately. There are a lot of lenders who would like to see this swept under the rug, but subprime lending has created a lot of problems that won’t go away on their own.

Subprime Mortgages Draining Home Ownership Levels
by Broderick Perkins

Once considered virtually a panacea for those who otherwise couldn’t buy a home, subprime loans have become such a scourge they are now being blamed for reducing the nation’s level of home ownership.

The Center For Responsible Lending in testimony last week before the U.S. House Committee on Financial Services (Subcommittee on Financial Institutions and Consumer Credit), said despite popular belief, subprime loans haven’t created any net gains in home ownership.

To the contrary, according to testimony by Mike Calhoun, president of CRL, the questionable loans are contributing to a net loss of home ownership.

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This entry was posted on Sunday, October 14th, 2007 at 1:39 pm and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.