Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Bad credit mortgages going mainstream

« Condo sale is going strong in Las Vegas and Florida. | Main | Student loan loophole that benefit banks can be closed shortly. »

July 09, 2005

Bad credit mortgages going mainstream

Even good old England is not immune to the bad mortgage craze sweeping across the developed world. Myfinances.co.uk reports that more "major high-street lenders are increasingly moving into the non-traditional sectors as competition in the mainstream market forces them to seek opportunities and profit margins elsewhere."

Bad credit mortgage means sub prime market. Just like here in US, big banks started with A- or alternative A, then got into hardcore sub prime either by themselves like Countrywide or through acquisitions like Washington Mutual when it bought Long Beach mortgage.

Basically the whole notion of credit worthiness is a joke these days. Almost everyone is qualified, what the hell. No wonder, foreclosure buyers are getting fat and happy.

Posted in Mortgages at July 9, 2005 10:56 PM

Email this entry to a friend

Welcome

Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.

Information

About
Contact
Disclaimer

Syndicate

RSS 2.0 Feed