Testimony on Secondary Market and Subprime Mortgage Lending

[BeantownJim]

stop paying taxes that will end this kind of govt' In 2010 congress is up for re election Pass the word

[BeantownJim]

1,ACORN 2, CRA 3, Affirmative action banking 4, Sub prime loan crash 5. pelosi frank and waters dodd and meeks head in sand 6, Bail outs &, welcome to reality

[FermiAnyon]

It's the sub-prime lending market letting people borrow against their homes in an overinflated housing market that has caused this.

[FermiAnyon]

If you watch this video you'll hear interesting things like Prime mortgage lenders making loans to sub-prime borrowers and in foreclosure 50% as often as the national average and 50% of sub-prime borrowers qualified for prime loans and were more attracted by the deals from the sub-prime lenders which typically included a low introductory interest rate which later reset to something unaffordable which lead to a high foreclosure rate.

[FermiAnyon]

I think they're crying about how these sub-prime lenders are coaxing people into predatory loans in an effort to get them hooked (ref the part talking about people having to multiply refinance their loans); hence the term "predatory loan"

Thanks to the guy who uploaded this. I don't get a chance to watch CSPAN very often but I like Mr. Mustache over there. I saw him in the testimony of Alberto Gonzales.

[pacfilm]

Yeah, yeah... Now all the sub-prime slimers are crying about how they're suffering at the hands all those stupid "low credit people." Cry me a river... duh

[Zhuangyao]

idiot

[lenderwatch]

idiot

[lenderwatch]

get a clue people - the PROBLEM is that people JUST LIKE THIS screamed about low credit people not receiving equal opportunity (no duh) so now they get a home and WON'T PAY THEIR PAYMENTS! Not "can't" pay their payments - WON'T pay their payments.