Testimony on Secondary Market and Subprime Mortgage Lending

The Financial Services Subcommittee on Financial Institutions and Consumer Credit Committee is currently holding a hearing, "The Role of the Secondary Market in Subprime Mortgage Lending." Mr. Michael Calhoun, President and Chief Operating Officer, Center for Responsible Lending, and Ms. Judy Kennedy, Executive Director, National Association of Affordable Housing Lenders, give opening testimony.

Category:

News & Politics

Tags:

• Democrats
• Congress
• Oversight
• Predatory
• Calhoun
• Mortgages
• Subprime
• Maloney
• Center
• for
• Responsible
• Lending
• Judy
• Kennedy

[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.