Yes, you read that headline right….subprime mortgages are making a comeback and they have a new name; “nonprime.” Realty Check’s Diana Olick is reporting that although the subprime mortgage industry vanished after the so-called Great Recession it is now being reinvented as the “nonprime” market. In addition, she reports that Carrington Mortgage is now offering mortgages to borrowers with “less-than-perfect credit” and that demand from both borrowers & investors is exceeding expectations. Indeed…..things might get weird, again…buckle up.
“California-based Carrington Mortgage Services, a midsized lender, just announced an expansion into the space, offering loans to borrowers, “with less-than-perfect credit.” Carrington will originate and service the loans, but it will also securitize them for sale to investors.”
Click here to read the full story on CNBC’s Realty Check.
