Friday the 13th and the Subprime Meltdown
Well, given the day (and its foreboding connotations), I thought I'd do a bit of research into the subprime lender area and how its doing.
It's not doing well. According to the Implode-O-Meter, we are now up to 56 lenders who are kaput. In today's news stories on the site, there is yet another warning from another lender of losses for the first quarter of 2007. Irwin Financial Corporation says it expects losses due to the condition in the consumer mortgage market.
What are the conditions? Bleak, from reports from many analysts. Although some are hopeful that a positive spring sales season is still possible, the fact of the matter is that there is a growing inventory of homes on the market, according to a story on Mortgage News Daily.
What does this mean for the average homeowner? Well, if you can afford your payments and your mortgage is locked in at a specific rate, this doesn't mean a hill of beans to you -- at least until your mortgage comes up for renewal. However, if you are in an ARM that is going to adjust soon, or need to look for a new mortgage, this could be a big deal for you.
However, today could be your lucky day (despite the date or the gloom in the subprime sector)! Check out a few of our sponsors; get a few quotes. You could get yourself a good deal.