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.
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It's no surprise that foreclosures have shot up. I think a lot of people bought more house than they could afford because of all these shady brokers and now are finding out those house payments are nearly impossible to make.