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CrossCountry Mortgage is an Ohio-based mortgage lender with more than 600 branches nationwide, serving customers in all 50 states. ... it discloses very little information about its non-VA loans ...
Non-conforming loans are mortgages that aren't eligible for sale to Fannie Mae and Freddie Mac, the two government-sponsored enterprises that back much of the U.S. mortgage market.
“So lenders that operate in the non-qualified mortgage space have a strong incentive to make sure they are adequately evaluating borrowers much more than the subprime lenders of 15 to 20 years ...
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. [1] Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied ...
They were especially prominent during the United States housing bubble circa 2003-2007 but have gained wider notoriety due to the subprime mortgage crisis in July/August 2007 as a prime example of poor lending practices. [6] The term grew in usage during the 2008 financial crisis as the sub prime mortgage crisis was blamed on such loans.
The role of fair value accounting in the subprime mortgage crisis of 2008 is controversial. Fair value accounting was issued as US accounting standard SFAS 157 in 2006 by the privately run Financial Accounting Standards Board (FASB)—delegated by the SEC with the task of establishing financial reporting standards. [ 1 ]
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