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More credit score shenanigans pushes subprime lending to new heights!
I still can’t believe what we will talk about in todays show is actually happening. It is, for lack of a better word, completely nuts.
Subprime lending is now back – at levels that even appear to dwarf the idiotic lending that went on that led up to the 2007 crash. It is just mind boggling. So lets explore this boggle and see if we can get a handle on just how big this issue is – because it is heading our way on July 1, 2017. See if you agree that what is being done is bringing subprime lending to a while new level.
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I recently had an email exchange with a listener relating to current lending and credit practices. As it turns out, we really don’t agree on much. So, lets share the listeners email, my response and then get into some details on why we are pretty much 180 degrees away from each other on this issue. What it all really boils down turn is that subprime lending is back, ready to cause the same issues it did last time.
Our big topic for today spans a few stories. Subprime lending style strategies are back and they are scary. While there are protections now that were missing before, these are the kinds of things that evolve as institutions get comfortable with them. In short, setting a bad precedent. From bank firings to HELOC defaults, we are seeing lots of instability in the lending world and lots of efforts to get more money into the hands of folks who are risky at best. All it would take is some collapse in any of the current markets and we could see yet another downturn in real estate. The worst part is that there are more points of weakness today than last time and our economy is in much worse shape than last time, so things get much worse much faster.
In todays show we are going to explore what is going on with debt. All kinds of debt. What states show the greatest debt in different areas? Which areas have had the highest delinquency rates? For some buyers, sellers, investors and real estate entrepreneurs, these trends can help them find opportunities where there are more properties to be found at better prices.