Homeowners stuck as lenders cinch standards

USA Today - by Noelle Knox, - Mar. 5, 2007 (News Analysis)
Experts say there's plenty of blame to go around. During the real estate boom, lenders began offering an array of loans to borrowers with poor credit histories. They let many borrowers finance 100% of the purchase price, often asking for little or no proof of income or assets. Last year, 43% of loans required little or no documentation of the borrower's finances, according to First American LoanPerformance. These "stated-income" loans have earned the ... More »
Review | Like | Submitted by David Patterson
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4.6
by Mike LaBonte - Mar. 5, 2007 - See Full Review (11 answers)
Notes: Describes trends and backs it up with numbers. Covers mostly lender practices, but also some homeowner fraud. Surprisingly, does not discuss the national homeownership rate.

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4.1
by Lisa Flay - Mar. 7, 2007 - See Full Review (13 answers)
Notes: The author did cover this story well. I didn't understand these loans when speaking with a lender, but now I feel I now understand these loans a little bit more. The only thing I haven't heard with regards to this story is how it resembles the international monetary fund practice of lending money to countries that they know they will not be able to pay off and then swooping in and taking all assets.

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3.9
by Kaizar Campwala - Mar. 5, 2007 - See Full Review (12 answers)

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4.2
by Richard Soenneker - Mar. 7, 2007 - See Full Review (12 answers)

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3.4
by Nick Pollitt - Mar. 8, 2007 - See Full Review (6 answers)

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4.0
by David Patterson - Mar. 5, 2007 - See Full Review (2 answers)
Notes: I don't know. I see a story not getting told about speculators driving up and manipulating Real Estate values and then Lenders manipulating unqualified borrorwers into loans that they couldn't pay. One could ask, "What's up with that?"
David submitted this story.

Silhoutte_sml
4.4
by Kyle Klipowicz - Mar. 7, 2007 - See Full Review (7 answers)
Notes: Another prime example at how our society of debt is slowly draining away the middle class. People are constantly being taken advantage of by complex legal documents that bind them to agreements that they are not well-informed to comprehend.

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4.0
by Arianna Siegel - Mar. 5, 2007 - See Full Review (1 answer)

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Submitted by Submitted by David Patterson - Mar 5, 2007 - 11:03 AM PST
Reviewed by David Patterson (review), Kaizar Campwala (review), Mike LaBonte (review), Arianna Siegel (review), Lisa Flay (review), Kyle Klipowicz (review), Richard Soenneker (review), Nick Pollitt (review)
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