Mortgages resembling the kind of subprime loans that were blamed for the foreclosure crisis are creeping back into the market, leaving some experts and regulators alarmed. The loans give a relatively new twist to seller financing, putting homeownership within reach of borrowers who can’t qualify for a conventional mortgage.
Is subprime lending back?
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Proposal would allow Freddie Mac to acquire closed-end second mortgages
FHFA says that Freddie Mac wants to offer homeowners an equity-tapping option that avoids debt and surrendering a favorable mortgage rate.