Posted November 30, 2007 - 13:15 by Philip Brewer
Personal Finance
It has never been unusual for borrowers to run into difficulty, and sometimes it becomes clear that a loan will never be repaid in full. The lender's job then is to recover as much money as possible. Because foreclosures are expensive and the eventual recovery is uncertain, it's often a better bet for the lender to restructure the loan--settling for less than they are owed, but more than they'd get in a foreclosure. One of things that has made the subprime debacle go from bad to worse is that loan workout is much tougher when loans are securitized--sold, packaged, diced up, and sold again.
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Posted November 18, 2007 - 03:58 by Philip Brewer
Personal Finance
Early in the subprime lending collapse, Wise Bread posted a report from Americans for Fairness in Lending explaining how the subprime lending boom hurt everyone. Since it's a topic of considerable interest to Wise Bread readers, when AFFIL offered to make Jim Campen, their executive director, available to answer some questions, we jumped at the chance.
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Posted September 22, 2007 - 06:17 by Philip Brewer
Real Estate and Housing
Among the Wise Bread community, I get the sense that there's a kind of "pox on both their houses" attitude to the problems in the subprime mortgage markets. People who worked through their own credit problems (or avoided having any) can't stir up much sympathy for people who bought houses they can't afford--and pretty much nobody has any sympathy for the mortgage brokers and hedge funds that lent them the money. A new guide from Americans for Fairness in Lending, though, shows that the damage actually hits at every level, from the individual borrowers (including borrowers with good credit), through the neighborhood, local economies, and the national economy. With their kind permission, we're presenting the guide here on Wise Bread.
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What would you do if you were about to lose your home? What would you be willing to do to keep it? Is it even possible to keep it once you've missed a few payments?
Continue reading "How to Avoid Foreclosure"
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