it seems that we are slowly working our way back to sub prime loans to help people buy houses that truly cannot afford a home. Which means we are working our way back to more over inflated prices, cash out refinances, HELOC’s on made up equity and a new tsunami of foreclosures on the horizon. Which then leads to massive unemployment once again.
Does anybody else see the pattern here.
Absolutely! As much as I like to help people get into a home, there are some people that are just not cut out to OWN a home. We aren’t learning from past mistakes and we are out of magic bullets if we crash this time.
Strongly disagree. What makes you think that people who dont use a lot of traditional credit, but ALWAYS pat rent, utilities, etc on time and SAVE money to buy things with CASH like cars, don’t deserve a reasonable path to homeownership?
Vantage Score was created and also owned and operated by the 3 credit bureaus TU, XPN, and EFX. They created it around 2006 to compete with FICO. Since FICO is so widely used in all lending decisions (about 90%) it’s tough to pull market share away without boosting the claims. Credit scoring is a big industry in itself but must coexist with the reports or there’s nothing to score. VS has a lot of backing and keeps growing.
FICO has about 50 commercially available models being used right now. The Mortgage FICO models are older but must be used in mortgage lending at the direction of FHFA. Newer scoring models than the old models may be better in mortgage lending but simply replacing one model with another to get a higher score or score more unscorable people will not be likely to improve risk assessment. But that’s the best angle for them to try to get it into the market
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We should just use zillow estimates and credit karma scores! Ha ha
I can’t see the video either.
I can’t play the show, refreshed the screen a few times, its not me
it seems that we are slowly working our way back to sub prime loans to help people buy houses that truly cannot afford a home. Which means we are working our way back to more over inflated prices, cash out refinances, HELOC’s on made up equity and a new tsunami of foreclosures on the horizon. Which then leads to massive unemployment once again.
Does anybody else see the pattern here.
Absolutely! As much as I like to help people get into a home, there are some people that are just not cut out to OWN a home. We aren’t learning from past mistakes and we are out of magic bullets if we crash this time.
Strongly disagree. What makes you think that people who dont use a lot of traditional credit, but ALWAYS pat rent, utilities, etc on time and SAVE money to buy things with CASH like cars, don’t deserve a reasonable path to homeownership?
Vantage Score was created and also owned and operated by the 3 credit bureaus TU, XPN, and EFX. They created it around 2006 to compete with FICO. Since FICO is so widely used in all lending decisions (about 90%) it’s tough to pull market share away without boosting the claims. Credit scoring is a big industry in itself but must coexist with the reports or there’s nothing to score. VS has a lot of backing and keeps growing.
FICO has about 50 commercially available models being used right now. The Mortgage FICO models are older but must be used in mortgage lending at the direction of FHFA. Newer scoring models than the old models may be better in mortgage lending but simply replacing one model with another to get a higher score or score more unscorable people will not be likely to improve risk assessment. But that’s the best angle for them to try to get it into the market