Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
Chain of Blame: How Wall Street Caused the Mortgage and Credit Crisis
- ISBN13: 9780470554654
- Condition: New
- Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
An updated and revised look at the truth behind America’s housing and mortgage bubbles
In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. On average, fifty lenders a month were going bust-and the people responsible for the crisis included not just unregulated loan brokers and con artists, but also investment bankers and home loan institutions traditionally perceived as completely trustworthy.
Chain of Blame chronicles this incredible disaster, with a specific focus on the players who participated in such a fundamentally flawed fiasco. In it, authors Paul Muolo and Mathew Padilla reveal the truth behind how this crisis occurred, including what individuals and institutions were doing during this critical time, and who is ultimately responsible for what happened.
- Discusses the latest revelations in the housing and mortgage crisis, including the SEC’s charging of Angelo Mozilo
- Two well-regarded financial journalists familiar with the events that have taken place chronicle the crisis in detail, showing what happened as well as what lies ahead
- Discusses how the world’s largest investment banks, homeowners, lenders, credit rating agencies, underwriters, and investors all became entangled in the subprime mess
Intriguing and informative, Chain of Blame is a compelling story of greed and avarice, one in which many are responsible, but few are willing to admit their mistakes.
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Bad Credit Mortgage Loans- Choosing The Option For a Bad Credit Mortgage Home Loan:
To secure a home, mortgage loans play a very important part, since everyone is not so favored when it comes to getting a good deal on a mortgage loan. Owing to ill advised spending habits many people create a bad credit background. It is too often seen at a young age that when we are fortunate enough to get a good job and consequently our own credit card it leads us to spend recklessly resulting in debts. This in turn, later in life results in not being able to get a good mortgage loan. But there is good news. Now companies have come up with a loan specifically patterned for people with bad credit rating. These loans are known as bad credit mortgage loans.
It is also possible to buy retail outlets, health care facilities, office buildings, and apartment complexes using commercial bad credit loan mortgage. Whether it is a family based restaurant or a high rise building, all require extra funding to either finish the construction or to buy it. This is where commercial bad credit mortgage loan steps in with the additional capital required.
Lenders who mainly deal in bad credit loan on mortgage are also commonly known as sub-prime loan lenders and the people who avail these loans are called sub-prime borrowers. These lenders do not follow the same strict rules and regulations traditionally followed by the banks and credit unions. Additionally there is no worry as far as perfect credit is concerned as it is not considered as a serious criterion for taking a bad credit loan on mortgage.
Opting for a bad credit mortgage loans
The current credit market has popularized the concept of bad credit mortgage loans since they are specifically meant for people who are suffering with bad credit. People get bad credit for a variety of reasons. They may have missed out on their debt payments because of emergencies, loss of job, accidents and for various other causes. The credit card report fails to mention these reasons because it is based on facts and figures. Bad credit mortgage loans can be used to buy, or refinance the equity on your home. Bad credit mortgage loans can help you buy a house even if you have bad credit. If you are not eligible for the other loans, you can always opt for the bad credit mortgage loans and not feel the difference.
Lenders who deal only in bad credit mortgage loans stand to gain from the high interests charged on these loans, from the borrowers as bad credit mortgage loans are designed and packaged to be lent out to people with bad credit.
Written by Greenbird
Journalist and freelance writer
Getting a mortgage when my co-signer owe taxes to the IRS?
Melly Asked: Getting a mortgage when my co-signer owe taxes to the IRS?
My husband and I are pre-approved for a mortgage with my parents co-signing. My father owes taxes to IRS around $50,000 and has done installments payment. Do we still qualify for a loan even if he doing a payment plan for his taxes?
Answers:
tro Answered:
is the loan being awarded based on yours and your parents credit? if so it would appear the $50000 tax debt would disqualify your parents for the loan
Judy Answered:
If you can’t qualify on your own without your parents as cosigners, you’ll need to find a different cosigner.
Got a better answer? Share it below!
Categories: Loan Questions Tags: IRS, loan, mortgage
Personal Finance: Understanding 3 Credit Scores
Personal Finance: Understanding 3 Credit Scores – as part of the expert series by GeoBeats.
Many people worry or wonder about their credit scores and actually they hear that there are three different credit scores. And one of the reasons that there are three different credit scores is there are actually three credit reporting agencies, that keep track of how you use your credit card, and they may have a slightly different history because they may get their information in slightly different ways.
But the company that provides those credit scores is a company called Fair Isaac Company. That company is basically a very reliable source of credit cards and what they do is they take the credit reports from the three different credit reporting agencies, Experion, Equifax, and TransUnion, and then they create a score based on the algorithm they created. So, what really is depended on your credit score is which lender or mortgage company that you use. The mortgage company selects the credit reporting agency which then determines your score and those scores could vary because the history may be a little bit different.
It is not so important maybe to know what your credit score is but how to maintain or improve that credit score, because that is probably the biggest thing that you have control over. And some of the biggest impacts on your credit score are your credit payment history. So, do not pay late, that can be a big issue, because that is the biggest impact. Also look at your credit card utilization…
Categories: Loan Videos Tags: Credit Scores, Fair Isaac Company, mortgage, Personal Finance Understanding
Does Bad Credit Mean You Cant Refinance A Mortgage?
Details On Discovering Bad Credit Loans
If you would like to get a new estate, or possibly re-finance your recent credit agreements, and have a poor credit past, don’t give up hope, as there are now many personalized products obtainable in the economic industry that will help you. There are also many articles that can be useful as well.
Poor credit house loans are available from many lenders, on the web, as well as via high street lenders. Plenty of creditors will have their particular criteria with regards to giving house loans or mortgages to individuals having a poor credit past. As an illustration, some banks might be comfortable with a few missed payments over the last few years, and could also allow legal judgements designated against your report, whilst many other banks would not.
It is a good option before you apply for just about any home loan or financial product, to have a distinct summary of your credit score, evaluate your errors, the amount of payments maybe you have missed, the amount of accounts are you overdue on, do you have any court judgements registered, or anything else which a financial institution might take into account in assessing the application.
When you have all of this knowledge, check out every single banks ‘lending criteria’ to be sure your position match their specifications before you apply, this would save time and effort, reduces the chance of being turned away, and does not flood your credit track record with a lot of credit searches, which might have a negative impact on future applications.
When you have identified a appropriate loan company based on your credit report, be sure to complete the vital particulars. It really is unlikely you’ll be accepted, or made an arrangement immediately, on the grounds that the banks underwriters may need to check your credit profile, your position and affordability, to determine whether or not they feel they are able to lend to you with minimal risk.
If they can, they will make you an arrangement in writing, that can include the sum of money you want to borrow, the total they’re happy to provide you, the interest rates rate for the home loan, monthly premiums and any kind of down payments if necessary.
Mainly because there is a poor credit past, does not mean a lender can not assist you with bad credit refinance. Find the best loan company, who will offer bad credit home loans, or ‘sub prime’ mortgage products, and they are able to provide the essential suggestions and financial agreement for the situation.
Keep in mind, home financial loans tend to be secured loans, meaning they may be secured against your property, and should you neglect to keep your monthly premiums up to date and on time, your loan company has got the legal right to take necessary steps and recover your residence. Be certain that you have been truthful with your loan application, and you will have the funds for the monthly repayments before taking out any additional money arrangements.
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Categories: Loan Articles Tags: mortgage