by Andrew Moran
One of the lasting legacies of the economic collapse a decade ago is subprime. After lying dormant for several years in the aftermath of the Great Recession, the subprime market has returned with a vengeance. Everything is subprime nowadays, as banks, finance companies, and unconventional lenders are less averse to risk and are willing to extend credit to consumers with low FICO scores and inadequate incomes. As the great Yogi Berra used to say, “It’s déjà vu all over again.”
In the Moody for Subprime Mortgages
If you have poor credit and an interest in a home that is above your pay grade, then have no fear!
Moody’s Investor Service is out with a new report that predicts mortgage lenders will loosen their lending standards. In 2020, it is expected to be a lot easier for borrowers with bad credit to purchase a house as financial institutions attempt to offset the decline in affordable housing options.