Listen if you do not learn anything in life ....one thing you should is greed equals stupidity and blindness ....financial blindness ...i warned people about this ....but as always they do not listen.....why .....because they don't stupidity ......people always think that they are going to become property millionaires ..........they do not understand collateral and banking .......they become blinded by greed ....that's it simple dynamics .....can't help ya if you do not listen ....i do not give advice anymore .....becasue people fragile egos always get in the way ........
US mortgage lenders are starting to go bankrupt — how this one factor could be triggering the worst surge of failures since 2008
The real estate market just can’t catch a break, with inventory of resale homes remaining low and rising interest rates making it harder for buyers to justify making the leap.
And now we can add mortgage lender bankruptcies — and the rise (and fall) of “non-qualified mortgages” — to the factors aggravating an already uncertain market.
But what does the trouble around these NQM mortgages really mean? And what does it mean for non-traditional buyers trying to get a foothold in the market?
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A “non-qualified” mess?
NQMs use non-traditional methods of income verification and are frequently used by those with unusual income scenarios, are self-employed or have credit issues that make it difficult to get a qualified mortgage loan
They’ve previously been touted as an option for creditworthy borrowers who can’t otherwise qualify for traditional mortgage loan programs.
But with First Guaranty Mortgage Corp. and Sprout Mortgage — a pair of firms that specialized in non-traditional loans not eligible for government backing — recently running aground, real estate experts are beginning to question their value.
First Guaranty filed for bankruptcy protection while Sprout Mortgage simply shut down early this summer.
In documents tied to its bankruptcy filing, First Guaranty leaders said once interest rates started to climb, lending volume dropped and left the company with more than $473 million owed to creditors.
Meanwhile, Sprout Mortgage, which leaned heavily on NQMs, abruptly shut down in July.
Do NQM’s signal another housing meltdown? Probably not
Most housing market watchers believe today’s conditions — led by stricter lending rules — mean the U.S. is likely to avoid a 2008-style housing market meltdown.
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