7.12.2010

More Americans' credit scores sink to new lows

Read entire article HERE.

" On a broader scale, some of the spike in foreclosures came about because homeowners were financially irresponsible, while others lost their jobs and could no longer pay their mortgages. Yet both reasons for foreclosures have the same impact on a borrower's FICO score."
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Note: Using a computer program for a credit score sounds a bit odd to me - but if that's how they want to do it fine.

Listening to a radio show today, the collectivist Zionist Thom Hartmann, who thinks we live in a "democracy" didn't have anything useful to offer as usual - but a caller - Phil - brought up the interesting question:

"If so many people can't pay their mortgages - why isn't the PMI (Private Mortgage Insurance) paying off the loans? Isn't that the purpose of PMI? " Thom, like everyone else listening was bewildered - why in the heck doesn't PMI cover this - unless that banks were self-insuring. Phil offered an answer: "Because it's a scam!"

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