Subprime borrowers facing tougher qualifications for mortgages
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Thanks to relaxed lending standards, in recent years borrowers with bad credit -- such as a bankruptcy or a delinquent loan on their records -- found it relatively easy to get home mortgages.
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Mortgage applications barely advanced last week even as interest rates sank to their lowest levels since May, an industry group said on Wednesday, largely reflecting the increasing difficulty borrowers face to obtain a loan as banks tighten lending standards.
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Minority homeowners are especially being hurt as rising interest rates make subprime loans even more expensive.
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Accredited Home Lenders Holding Co. , a California subprime mortgage lender, reported a fourth-quarter loss on Wednesday, hurt by worsening conditions in the market for loans to people with weaker credit histories.
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The mortgage meltdown broadened on Tuesday, led by Accredited Home Lenders Holding Co.  and New Century Financial Corp. , as investors feared that the subprime lenders, which make loans to people with poor credit histories, would run out of cash.
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As subprime borrowers began to default on their mortgages in rapidly growing numbers this year, credit card issuers increased their efforts to sign up such customers with tarnished financial histories, according to a market research firm.
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Bank regulators have agreed on new standards for subprime mortgage loans and are prepared to release it Friday, several sources familiar with the matter said Thursday.
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EVEN MORTGAGE lenders cannot get their arms around the dramatic changes in the industry over the past several months. The fall of the subprime mortgage market and the subsequent resetting of underwriting guidelines, increases in foreclosure filings, and consumer anxiety have been dramatic to both borrower and lender alike.
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Concerned about mortgage fraud and predatory lending practices, many states have toughened their laws by requiring loan officers or originators to undergo extensive background checks and show proof of professional experience and training. Still, attracted by the lucrative mortgage business, many ...
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Mortgages are complicated, and lending markets are in flux right now, but savvy, well-positioned consumers can still get the loans they need to buy, build, or refinance a home. They just need to pay attention to what's going on, says David Reed, a lending veteran based in Texas and co-author of "Mortgage Confidential."
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Distinctions between local economies are being overridden by a mortgage market that has made it more difficult for many would-be homebuyers to obtain financing.
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Lenders will have to confirm that a borrower can afford a mortgage before making a loan under protections proposed by the Federal Reserve on Tuesday, following defaults and losses on U.S. subprime mortgages this year.
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During the recent U.S. housing boom, mortgage lenders touted so-called exotic mortgages that allowed people to buy houses they could not otherwise afford. Now those lenders are bracing for the not-so-happy story of borrowers like Jesline Jean-Simon.
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The subprime mortgage industry was far from an unmixed good, but it helped some people realize the American dream.
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The Federal Reserve on Tuesday will propose a much stricter set of rules for mortgage lenders as part of the central bank's effort to avert abusive lending.
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After escaping a rising tide of  subprime defaults earlier this year, leading U.S. investment  banks and brokerages face an opaque offshoot of those risky  mortgages.
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THOUSANDS OF homeowners with poor credit are facing foreclosure because they can no longer afford to pay their high-interest loans. In the crack-up of the so-called subprime mortgage industry, these borrowers are the most visible participants. But they aren't the only ones who seemed not to understand what they were getting themselves into.