Quote:
Originally Posted by abcx
My parents just sold their house after having it on the market for a week. I am a licensed mortgage broker in Chicago and from experience I can tell you that the subprime market lending has gotten a LOTTT stricter. Foreclosures shot up HUGE due to all the shady brokers putting people in Option Arms or Arms without properly explaining it to the consumer.
The economy will stabilize over time as it always has.
|
Yep. I've heard that as well. I guess they were projecting a lot of those 5 year ARMS are coming due. Detroit is one of the worst in foreclosures. Which is pretty sad, but not unexpected I suppose. Who the fuck wants to live in Detroit.
