#subprime lending

[achildmiseducated]

Euclid, OH - July 2019

[sataniccapitalist]

Thousands line up for zero-down-payment, subprime mortgages

Following the subprime mortgage crisis, low-income borrowers with low credit scores were locked out of homeownership. Now a major player in the subprime crisis is backing new loans to the same borrowers but with a far different product.

[isomorphismes]

“House prices don’t fall” is not so much an economic assertion as a theological one. Our grandparents would be astonished to hear it. Their own experience taught them that house prices, on average, don’t rise.

Jim Grant, _Mister Market Miscalculates_, p. 160

[distantradiancestratagem]

goeasy delays results amid deal

Canadian lender goeasy is postponing the release of its financial results while it works through a new agreement with its creditors. The company, which operates in the subprime lending space, said the delay is tied to finalizing terms related to its debt arrangements.

The deal appears to be part of a broader effort to stabilize its financial position, as higher interest rates and economic pressure have made conditions tougher for lenders that serve higher-risk borrowers. These kinds of companies are often more exposed when repayment risks rise.

While the delay doesn’t necessarily signal a crisis, it does suggest that goeasy is actively managing its obligations and navigating a more uncertain lending environment. Investors are now waiting for more clarity once the updated results are released.

My Comment: It’s one of those moments where “just a delay” probably carries a lot more weight behind the scenes than it sounds.

[ameliajane8]

What Is Subprime Lending? : - https://shorturl.at/hpstI

[ameliajane8]

Learn about subprime business loans, how they work, and what they mean for businesses with lower credit scores. Explore financing options to

[omgchisophly]

I started looking into this whole notion of paying to live here on Earth 🌏...especially in America. What follows is a summary of the history, propaganda and corruption of yet another “system” put in place by the Europeans to oppress and take advantage of ...you guessed it! The Black and Brown among us. HISTORY of Mortgages But mortgages were first introduced not as a brainchild of banks but insurance companies, as a way to make money by seizing homes if people didn’t pay. Initially, mortgages were interest-only with a big balloon payment after 5-7 years and homeowners had to put at least 50 percent down. 1974 – the Equal Credit Opportunity Act seeks to prohibit financial institutions from discriminating based on race, color, religion, national origin, sex, age or marital status. <— this is a JOKE given the subprime mortgage scandal from 2004-2009 2003 – Fannie Mae and Freddie Mac buy $81 billion in subprime securities. <— the beginning of nonsense 2006 – $600 billion of subprime loans are originated, accounting for 23.5 percent of all mortgage originations. 2007 The Subprime Meltdown – New century, American Home Mortgage, and other huge subprime lenders file bankruptcy.  Countrywide, the nation’s biggest lender, narrowly avoids BK, while Ameriquest goes out of business. http://www.lenglemortgageprofessionals.com/a-timeline-of-mortgage-history-in-the-united-states/ PROPAGANDA One of the factors underlining the American Dream consists of purchasing and officially owning a house. Critics of mortgaging lambasted the gaping holes of those who took advantage of the lending process by charging too much interest. Usurers had a special place in the seventh circle of hell, according to Dante's Inferno. Indeed, God condemns money lending in Jewish law. https://www.mortgagecalculator.org/helpful-advice/american-mortgage-history.php CORRUPTION Credit reports and scores are not race neutral. Rather, they embed existing racial inequities in our credit system and economy – to the point that a person’s credit information serves as a proxy for race. For decades, banks have systematically redlined black and Latino neighborhoods, refusing to make conventional loans or locate branches in non-white and lower-income areas, notwithstanding laws that obligate banks to meet the credit needs of all communities they serve, consistent with safe and sound banking operations. People and communities of color have been disproportionately targeted for high-cost, predatory loans, intrinsically risky financial products that predictably lead to higher delinquency and default rates than non-predatory loans. As a consequence, black people and Latinos are more likely than their white counterparts to have damaged credit. This firmly-entrenched two-tiered financial system has had devastating consequences for entire neighborhoods of color. Starting in the 1990s, financial institutions began flooding historically-redlined neighborhoods with predatory mortgages that ultimately led to the meltdown of the global economy. Waves of foreclosures hammered neighborhoods of color for more than a decade before the crash and black and Latino Americans bore the brunt of the ensuing foreclosure crisis, recession and spiking unemployment. Droves of people turned to high-rate credit cards to cover even basic expenses, contributing to the consumer debt crisis and spawning a bottom-feeding debt-buying industry that purchases old debts on the cheap and then uses the courts to extract judgments disproportionately from people and communities of color. These judgments are then listed in their credit reports, which also brings down their credit scores, in turn limiting a whole range of opportunities. Although Wall Street is no longer pumping toxic mortgages into black and Latino neighborhoods, people and neighborhoods of color continue to reel from the foreclosure crisis, which many predict is far from over. Meanwhile, racially discriminatory and subprime auto lending are on the rise, payday lenders continue to extract billions of dollars from low-wage workers, and student loan debt has surpassed the trillion dollar mark. One in five Americans has unpaid medical debt, with more than half of all African-Americans and Latinos carrying medical debt on their credit cards. By definition, people who take payday loans and have uninsured medical debt are struggling, and are likely to miss payments. Missed payments translate into decreased credit scores. This information – unpaid medical and credit card debt, student loans, and mortgages, as well as foreclosures, bankruptcies, debt collection judgments, wage garnishments – appears on people’s credit reports and lowers their credit scores. And the credit bureaus make humongous profits by selling this information about all of us. https://www.theguardian.com/commentisfree/2015/oct/13/your-credit-score-is-racist-heres-why We need a platform for the 2020 Presidential Race & eventual election. And being Anti-Trump ain’t it. We need RESULTS!! Starting with these Credit Bureaus, Banks, Discriminatory Housing practices by landlords and management companies, payday lenders and so on. Whom ever you cast your vote for must address these issues! Get ready