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Loans: Mortgages
built 643 days ago
The Reporter story reveals that the crisis of high-cost loans is having an enormous -- and unnecessary -- impact. According to Fannie Mae, the nation's largest source of financing for home mortgages, about half of the people who get high-cost loans could have qualified for prime-rate loans.
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The US Government has lifted limits on the amount the two largest mortgage finance companies - Fannie Mae and Freddie Mac - can invest in home loans. This is a move that could unleash billions more dollars to stabilise the housing market and fend off a possible recession.
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At the time you begin your search for a house, bad credit mortgage loans are probably not on your mind. Everybody would love to have the option of being able to sign a check with a flourish and make a single payment for the entire home at one go. However it is only the fortunate few who are actually able to enjoy such a privilege in life, with the majority only being in a position to purchase a new home with the help of a bad credit mortgage loan. Given a choice, there's nobody who wishes to have bad credit but circumstances make it inevitable.
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