Stripped Bare - Beneath the Feel Good Veneer of Subprime Lending

Chapter 1 - Purveyors of the “American Dream”

For many years, now, the pinnacle of the “American Dream” has traditionally been sold to individuals as owning their own home.  Today, if you type “homeownership+American Dream” into the Google search engine, you will receive over one million possible results to review which offer various interpretations on this dream.  Most mortgage lenders, whether prime lenders or subprime lenders, also actively advertise this dream on their corporate websites, with promises that they can easily help you live the dream.

The dream of homeownership is a good dream, though the dream is not necessarily without its frightening moments.  Especially for those individuals who are purchasing their first home and applying for a home mortgage for the first time.  A fact I can attest to myself.

When I took the step of fulfilling the “American Dream” for myself, back in 1985, when purchasing my first home, my rudimentary knowledge of financing a home purchase was glaringly revealed.  Even though I was working with an individual I knew personally and trusted, and who was a certified mortgage banker, I still walked away from the mortgage application process in a somewhat dazed and confused manner.  Today, many first time homebuyers still can attest to this.

When a first time homebuyer sits down with a mortgage lender, they will be bombarded with questions, unknown lending terms, and stacks of official documents requiring their signature.  The questions required to be answered delve into the individual’s work history, education, savings history, and credit use.  Highly personal questions, to most individuals, which are rarely discussed with even their closest personal friends.

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