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Christina Lynch

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Subprime Lending

Abusive and predatory lending practices are a serious problem for our nation’s communities. Because of abuses in the subprime market, families are losing their homes and savings, foreclosure rates are higher, and some neighborhoods face increased vacancy rates. Empty neighborhoods, or those where the majority of houses are for sale, can be perceived as blighted. This leads to declining prices and inevitably devastates the strength and stability of those communities and the families who live there.

How Did This Happen?
During the real estate boom, many lenders originated risky mortgages with floating interest rates and weak underwriting standards. While some in the media may have over-dramatized the situation, a number of subprime lenders that made problematic loans have gone out of business, and the delinquency rate for subprime loans at the end of 2006 was more than 13 percent–4.5 percent are in foreclosure.

Subprime Lending Does Have a Legitimate Role
for Many Borrowers
While abusive lending does occur primarily in subprime markets, not all subprime loans are abusive or problematic. In fact, responsible subprime lenders have played an important role in helping millions of consumers achieve homeownership. NAR supports federal legislation and regulation that prevents predatory lending while maintaining a role for responsible subprime lending.

Education is Key
REALTORS® believe that financial education is an important defense against abusive lending practices. NAR and its partners have issued a series of consumer education brochures. They emphasize the importance of understanding the different types of available mortgages, explain how to avoid the pitfalls and entrapments of predatory loans, and suggest what homeowners should do if they are concerned about their mortgage or foreclosure.

Consumers who need immediate advice should call 888/995-HOPE, or visit www.995hope.org.

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Posted in: Mortgage Watch

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Still LOVE my home – thank you!!

Lynn B. Ballwin, Missouri

default image

Thanks Jim. I was prepared for a miserable experience. You took the worry and tension out of selling.

John Walsh Seattle, Washington

default image

We had the best experience during the purchase of our first home with Jim. We love it. One of my best friends is a Realtor and I have already told her that when I move, Jim Hurley is the one I work with.

James Fagan Ballwin, Missouri

default image

It was our first home and we spend several months looking. Jim never lost patience. He spent hours educating us and helping us through the process. He’s always smiling and positive…. Linda and Steve Green St. Peters, Missouri

Linda and Steve Green St. Peters, Missouri

default image

I wasn’t really considering buying a new home but one I had looked at before we bought the last one, which I loved, came on the market. I called Jim and we moved 45 days later with no problems. He really cares about the people involved in the process.

Tina and Tom Shinner Kirkwood, Missouri

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