Demise of Subprime Mortgages

Turn left. Turn right. What do you see in the world of mortgage loans? The death of subprime mortgages. These mortgages are tailored for people with bad credit. During the recent red hot real estate market, they were handed out like candy, particularly in the form of stated income loans. Well, now the chicken has come home to roost. Foreclosures are up 57 percent. 57! Getting a loan with bad credit is now a rarity. Many major lenders are not even offering them. If you have bad credit, you need to try to fix it up.