Mortgage Woes
At the end of last week, GMAC Mortgage, the United States’ fourth-biggest home loan lender, now called Ally Financial, admitted it has broken the law by rushing
Jul 31, 202016.8K Shares988.7K Views
At the end of last week, GMAC Mortgage, the United States’ fourth-biggest home loan lender, now called Ally Financial, admittedit has broken the law by rushing to file foreclosures as quickly as possible, fudging the paperwork in the process. And the Ally revelation is presumed to be just the tip of the legal iceberg, with dozens of market participants cheating on their paperwork or ignoring the holes in others’.
And today, Zillow reported that banks and home loan companies will notgrant mortgage loans to a whopping one-third of Americans. Since the subprime mortgage blow-up, lenders have refused to extend conventional lending products to the bottom 33 percent of credit-seekers, those with FICO scores of about 620 or less, even if they put down 25 percent.
The mortgage documentation at this place is really terrible. And such small portions!
Camilo Wood
Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing.
Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers.
Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles