tinecu Posted July 1, 2009 Report Share Posted July 1, 2009 Freddie, Fannie to Provide 125% LTV Mortgages, Worse Than Extremes of Subprime Frenzy http://www.nakedcapitalism.com/2009/07/fre...de-125-ltv.html OMG! I read this after this.... http://www.greenenergyinvestors.com/index....mp;#entry115554 WTF? Link to comment Share on other sites More sharing options...
tinecu Posted July 9, 2009 Author Report Share Posted July 9, 2009 And now in the UK: http://www.bridgingandcommercial.co.uk/new...he_125_mortgage The 125% mortgage was seen as one of the products on the more foolish side of the pre-crunch deals, and largely attributed to the downfall of Northern Rock. However Britain’s biggest building society has now reintroduced it, calling it a “very niche” product. Nationwide has said that the mortgage is only available to existing customers in negative equity who want to move home and borrow more. These customers would be offered the building society’s 95% LTV deals, with rates of 6.73% fixed for three years or 7.48% fixed for five years. Interest rates for the additional borrowing of up to another 30% then rise to 7.23% and 7.98% respectively. A Nationwide spokeswoman defended the deal, saying: “All we are doing is allowing them to carry across the negative equity they already have.... Is this the price Nationwide must pay for Government support? Link to comment Share on other sites More sharing options...
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