A skit on the latest Saturday Night Live provided a humorous but comprehensive overview of the mortgage crisis. It started with joint speeches by a clueless President Bush, a condescending House Speaker Nancy Pelosi and a grossly lisping House Financial Services Committee Chairman Rep. Barney Frank. The Pelosi character introduced subprime victims, including two men who qualified for loans with no credit, no job, criminal records, drug problems and gambling problems. One said he was a double victim because now he was being charged with arson on his foreclosed home.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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