I wanted to address the segment you had on your show the other evening called "Behind Subprime". I am a mortgage broker, and while I sympathize with anyone going thru a life tragedy, I feel that my industry, especially brokers, are being unfairly blamed for the current sub-prime crisis, while I will even grant that there are some bad seeds in this industry.... the majority of mortgage brokers are here to help and advise on what products best fits the clients needs both near and long term.
Subprime borrowers come to us with fair to poor credit and we show them products that if used properly will help them get back on track....
When it comes time for a borrower who has take a subprime loan to rebuild or reestablish their credit to refinance their loan, the ability to do so is based on how well they have managed their credit during the fixed time period, typically 2-5 years. It is not the mortgage brokers fault or responsibility to manage this for the borrower, it is up to them to pay their bills and build their credit back up so that they can qualify for a lower rate in the future when the fixed period of their ARM begins to adjust.
-- Lee P from Ohio
Thanks for taking the time to write to "Fast Money." I agree with you that most mortgage brokers try and do the right think by their clients. Readers, if you want to see the post that Lee P. is referencing click below.
-- Lee Brodie
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