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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Subprime Does Not Mean Subhuman!
For what may be the only time ever that I agree with something this blogger writes, here's Eeka with her take on the unfolding subprime lending mess.
On Thursday, NPR's On Point ran a story on subprime lending. Each time Tom Ashbrook introduced or recapped the segment, he stated that "we're talking about subprime mortgages &8212; loans for people with bad credit." He made some good points about predatory lending and brokers who work to convince people to buy homes they can't afford ...
... He also took calls from people who had lost their homes due to buying completely beyond their means and not understanding their variable interest rate.
... I have a subprime mortgage. I also have excellent credit and always have. In 2005, when I bought my home, I didn't have five years of sufficient income history ...
... I was not coerced into buying a house I can't afford. I am in absolutely no danger of losing my home. I pay my mortgage on time every month without difficulty ...
... I'm quite happy with my financial situation and happy that I chose to become a homeowner.
Read on: You can kiss my subprime mortgage - One Smoot Short of a Bridge
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