Skip to main content

The Crisis Circle Is Complete: Wells Fargo Returns To Subprime

"The bank is looking for opportunities to stem its revenue decline as overall mortgage lending volume plunges. It believes it has worked through enough of its crisis-era mortgage problems, particularly with U.S. home loan agencies, to be comfortable extending credit to some borrowers with higher credit risks.

The small steps from Wells Fargo could amount to a big change for the mortgage market. After the subprime mortgage bust brought the banking system to the brink of collapse in the financial crisis, banks have shied away from making home loans to anyone but the safest of consumers.

Any loosening of credit standards could boost housing demand from borrowers who have been forced to sit out the recovery in home prices in the past couple of years, but could also stoke fears that U.S. lenders will make the same mistakes that had triggered the crisis."
and ........

"So far few other big banks seem poised to follow Wells Fargo's lead, but some smaller companies outside the banking system, such as Citadel Servicing Corp, are already ramping up their subprime lending. To avoid the taint associated with the word "subprime," lenders are calling their loans "another chance mortgages" or "alternative mortgage programs." "

Read more: here
Labels:

Comments

Post a Comment

Popular posts from this blog

Census Bureau: Means-Tested Gov't Benefit Recipients Outnumber Full-Time Year-Round Workers

(CNSNews.com) - Americans who were recipients of means-tested government benefits in 2011 outnumbered year-round full-time workers, according to data released this month by the Census Bureau. They also out-numbered the total population of the Philippines. There were 108,592,000 people in the United States in the fourth quarter of 2011 who were recipients of one or more means-tested government benefit programs, the Census Bureau said in data released this week. Meanwhile, according to the Census Bureau, there were 101,716,000 people who worked full-time year round in 2011. That included both private-sector and government workers. See more at: cnsnews
Post a Comment
Read more

“Officer of the Year” Admits to Raping 20 Male Immigrants, Not Charged as Sex Offender

Broward County, FL — A former Florida police officer has admitted to forcing undocumented immigrants into having sex with him. Jonathan Bleiweiss, 34, pleaded guilty to an array of charges last week, admitting to 14 counts of armed false imprisonment, 15 counts of battery and four counts of stalking. However, he avoided all of the charges with “sex” in them. Most likely due to his police officer status, this former Broward Sheriff’s deputy was given an insultingly lenient plea deal. As part of that deal, Bleiweiss did not face charges of sexual battery, and as such will not be required by the state of Florida to register as a sex offender. A group of approximately 20 undocumented immigrants alleged that Bleiweiss, harassed them, molested them during pat-downs, and threatened them with deportation if they refused to perform sex acts. Eerily enough, just after this officer was named Employee of the Year for his district, Bleiweiss told the South Florida Blade ...
Post a Comment
Read more