Articles tagged with: subprime
The Office of the Superintendent of Financial Institutions of Canada (OSFI) has raised concerns over lending practices similar to those that gave rise to the crash of the subprime mortgage market in the United States.
According to documents obtained by Bloomberg News, OFSI officials are concerned about increasingly lenders’ increasing liberal practices when it comes to writing mortgages and home equity credit lines. Those practices include not requiring proof of income for those big-ticket loans.
To put that all in context, subprime lending in the U.S. went from an historical rate of …
TransUnion – the third largest credit bureau in the United States – predicts that mortgage delinquency rates will fall in 2012.
The delinquency rate is defined as the number of borrowers that are 60 days or more behind on their mortgages. TransUnion predicts that rate will hit 6 percent in the first quarter of 2012 and then drop to around 5 percent by the end of the year. According to TransUnion, the delinquency rate peaked in the fourth quarter of 2009 at 6.89 percent.
While a falling delinquency rate comes as good …
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Trying to keep up with the changes that may be on the horizon in the mortgage industry can be either confusing or frustrating (or, perhaps, both) as there are a lot of proposals out there on how to prevent a similar set of circumstances that gave rise to the rash of foreclosures that started popping up in 2007.
Fortunately, there are at least two things upon which the groups coming up with proposals appear to agree – a record number of foreclosures is bad and those people who take out mortgages …