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Politics : View from the Center and Left
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To: JohnM who wrote (40867)9/2/2007 2:23:03 PM
From: Steve Lokness  Read Replies (1) of 541326
 
John;

At least 2 million foreclosures tied to the sub-prime meltdown are now expected; the administration's plan should provide refinancing options to, at the most, less than a fourth of them by the end of next year.

This might be a lot worse than first blush. We have determined a newer means of determining who is subprime and who is not. The creditworthiness of some as determined by their credit scores may be way off the mark - IMO. Haven't seen this talked about but one of the best ways of getting your credit score way up there was to have just a ton of credit but pay on time. The more money you borrowed - the higher your score - so the more money you could borrow. Any opinion?

steve
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