Is the US housing mess headed our way? - Globe and Mail- Topic: Loans With Quick Sign
CLEVELAND, Ohio — When Sam Robertson took out a second mortgage on his home in suburban Cleveland three years ago, he couldn’t believe how easy it was. The interest rate seemed low, the approval process was quick and soon he had a $61,000 (U. Throw in high energy costs, weak employment and lower stock prices and it’s no wonder that many economists have said the U. They were initially intended to help wealthy people buy second properties, but as the housing market soared, they morphed into a vehicle for riskier borrowers to obtain a mortgage. Many subprime loans in Cleveland started out at 8 per cent and increased to 11 per cent. Learn more
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