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Fri, Nov 20, 2009
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Local
Mortgage Crisis Expanding
A new sector of homeowners in California are falling victim to the mortgage crisis. "Alternate A" mortgage holders, even those with a good credit history are joining the ranks of sub-prime mortgage. "Alt A" is a creative lending technique requiring little or no proof of a steady income. It relies on alternate sources of documentation and income... such as a year's worth of bank statements, or consecutive deposits. The problem is, with housing prices plummeting lenders are forcing owners to pay both principle plus interest, at a hike of 50% per month. Some analysts believe we're only half way through the housing crisis and forecast higher prime losses will triple.
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