An article in Sunday’s Los Angeles Times suggests that lenders in markets with rising property values such as California are looking to increase their subprime lending. While current mortgage interest rates are around 3.5%, these subprime loans comes with interest rates starting at 7.95% and going up from there. As with the old subprime products, high fees are common for this next generation of subprime loans. So what’s different? Most new subprime loans require much higher down payments and evidence of an ability to pay.
Tag Archive: mortgages
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Are subprime loans making a comeback?
Posted by NCBRC - April 30th, 2013
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The Honoring American Veterans in Extreme Need Act of 2019 (“HAVEN Act”) excludes certain benefits paid to veterans or their family members from the definition of current monthly income (“CMI”) found in the Bankruptcy Code. The HAVEN Act amends § 101(10A) of the Bankruptcy Code and supplements the 2005 amendments to the Code that excluded other government benefits, such as social security income.
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