Monday, May 14

Ameriquest Loan Officer Tells All

Unbelievable, simply outrageous! Does anyone still wonder how could the subprime mortgage industry go up in smoke? Listen to this from NPR this morning.

I still believe that subprime mortgages are not a bad thing. Many folks would not have had an opportunity at homeownership without them. Moreover, subprime mortgages and subprime loans have been the stairway to good credit for hundreds of thousands of people!

The old saying that it only takes one bad apple to spoil the bunch is very true. Listen to what one loan officer has to say about what was expected of them.... unbelievable!

I guess the lesson to be learned here is that the buyer must always beware! Shop around, learn before you leap!