There’s a Globe editorial out today criticizing subprime lenders (you know, the guys who did the unthinkable – allowing Americans to buy their own homes!).
Mortgage originators who specialize in subprime loans are the buffalo hunters of the financial services industry. They aren’t queasy about tactics, and they rarely seem concerned about the havoc they leave in their wake …
… The normal “buyer beware” admonition offers insufficient protection. For two decades, mortgage underwriting has shifted away from traditional banks and toward aggressive mortgage companies that don’t operate within the culture of consumer-friendly community reinvestment acts.
Suddenly borrowers find themselves squeezed by high-interest, adjustable mortgages on one side and by falling real estate values on the other.
(Yes, “suddenly”!)
Who are these people who prey on the unsuspecting?
The Globe names a couple of the big players.
Countrywide, GMAC, Washington Mutual, HSBC, and Wells Fargo …
Oddly, the Globedoesn’t mention one of the biggest subprime lenders. Ameriquest.
Why would they do that? Was there someone the Globe didn’t want to piss off?
Oh, right. That guy who was on the board of directors of Ameriquest, a couple years’ back.
Tip: Who was that mortgage lender? – Squaring The Boston Globe
Source: A workout for dubious lenders – Boston Globe editorial
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