Lenders venturing back into subprime market - Los Angeles Times

Lenders venturing back into subprime market - Los Angeles Times


  The Polands paid nearly $10,000 in upfront fees for the privilege of securing a mortgage at 10.9% interest. And they had to raid their retirement account for a 35% down payment. Most borrowers would balk at such stiff terms. But with prices rising, the Polands wanted to snag a four-bedroom home in Temecula near top-rated schools for their 5-year-old son. By later this year, they figure, they'll be able to refinance into a standard loan. Lenders venturing back into subprime market - Los Angeles Times