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Friday, April 03, 2015 2:23:48 PM
http://www.nytimes.com/2015/04/05/realestate/revisiting-subprime.html?emc=edit_tnt_20150403&nlid=12864748&tntemail0=y&_r=0
"Keith T. Gumbinger, the vice president of HSH.com, a financial publisher, noted that these borrowers must, like prime borrowers, meet the proof of ability-to-pay requirements put in place by regulators after the mortgage crisis. And that, along with the banning of many of the riskier mortgage products, makes this version of subprime quite different from the last go-round, he said. “The fact is,” he added, “it’s a necessary component of the marketplace. And it serves a function after coming out of a pretty severe recession.”"
Non-QM mortgages would need to have PMI as a practical matter, meet a 43% to income ratio, and gimmicky mortgage products can't be used. A far cry from the 2004-2008 period.
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