Subprime Lending Information

Stated income loan

A stated income loan is a mortgage where the lender does not verify the borrower's income by looking at their pay stubs, W-2 forms, income tax returns, or other...

Subprime lending

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Inside the Mortgage Crisis: Lifting the Curtain on Subprime

Laliberte, a whistleblower with a front-row seat to the meltdown, told Hansen of the company’s penchant for pushing stated-income loans, where they did not have to verify how much the borrower actually made. That led to housekeepers reporting $11 ...

G20 Clash in London

While equities and the economy are reasons for slower sales, the rise in jumbo loan rates is another, says Greg McBride, Senior Financial Analyst at Bankrate.com. "More money down is the big reason people aren't taking them out," McBride says. "It ...

Housing Video Gallery

California-based IndyMac also criticized regulators for not recognizing the track record of interest-only loans and option ARMs, which accounted for 70 percent of IndyMac's 2005 mortgage portfolio. This summer, the government seized IndyMac and will ...

G20 Clash in London

Vince Farrell, managing director of Scotsman Capital, says the mortgage industry should learn from the past and be more responsible when financing and refinancing mortgages "I think that with 30-year fixed mortgage where it is right now, 50% of all ...

G20 Clash in London

Instead, consumers will see lower rates for home-equity lines of credit and credit cards, which are more closely tied to Fed actions. "In terms of home equity lines of credit, that is really the direct effect that the rate cut is going to have. It ...

Biggest Holders of US Debt

During a five-year housing boom that ended in 2005, these adjustable-rate loans were widely available to subprime borrowers, whose spotty credit histories left them with limited loan options. While the loans offer initial low, "teaser" interest rates ...

G20 Clash in London

Refinancing represented 46.4% of all applications, up from 43.5% the prior week. The share of adjustable-rate mortgage loan requests fell to 12.2% from 12.6%. Fixed 30-year mortgage rates rose 9 basis points to 6.38% last week, the MBA said. The rate ...

Mortgage Video Gallery

... another major lender, has said it planned to refinance some troubled adjustable-rate mortgages it would take on when it finished buying Wachovia

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