In the discussion thread: The banking committee hearing is nothing more than a sham show. [View all]
Response to banned from Kos (Reply #14)
Wed Jun 13, 2012, 03:07 PM
Sekhmets Daughter (7,478 posts)
You are going to try to define mortgages by Wikipedia standards? Get a grip. I wrote Prime loans, Alt-A loans and sub prime loans. Even Alt-A loans are not considered prime and are the types of loans that got Fannie & Freddie into trouble. Chase wrote Alt-A loans....I have written sub prime loans for people with credit scores of 550 and credit scores of 740. I wrote a D-paper loan, otherwise known as a "hard equity" loan for someone who had a 763 middle score but wanted to hold the property in his company's name. D-paper meant he was willing to put 50% down and pay 16% interest. The original sub prime loans were limited Doc or No Doc loans created for business owners who hide income on their tax returns and thus couldn't qualify for a "prime " loan. A prime loan is one that offers the lowest interest rate and could be sold to Fannie & Freddie as A-Paper. Alt-A rates are a bit higher, as they are not prime loans.
The Wiki article was no doubt written by some fool who hasn't a clue as to how mortgages really are rated.
You fail mortgage 101 and all credibility tests.
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