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Old 02-01-2020, 10:31 PM
 
565 posts, read 411,406 times
Reputation: 129

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Most Americans can't pay their mortgage or car loan these days and it seems they back to allowing subprime car loans these days and subprime mortgage for their home.


How is this legal? I thought subprime car loans and subprime mortgage are not legal?


What is going on that most Americans can't pay their mortgage or car loan these days? I know the Auto industry is not doing well.

That Americans are that in debt they cannot pay the mortgage and car loan these day or just don't make enough money at their job.

--
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Old 02-01-2020, 10:37 PM
 
Location: Lahaina, Hi.
1,378 posts, read 1,725,537 times
Reputation: 2507
Quote:
Originally Posted by Bubble99 View Post
Most Americans can't pay their mortgage or car loan these days and it seems they back to allowing subprime car loans these days and subprime mortgage for their home.


How is this legal? I thought subprime car loans and subprime mortgage are not legal?


What is going on that most Americans can't pay their mortgage or car loan these days? I know the Auto industry is not doing well.

That Americans are that in debt they cannot pay the mortgage and car loan these day or just don't make enough money at their job.

--
Could you provide links? This is the first time I've heard that this situation involves "Most Americans".
Is that you Vladimir?
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Old 02-02-2020, 06:13 AM
 
2,535 posts, read 985,919 times
Reputation: 3544
Quote:
Originally Posted by Bubble99 View Post
Most Americans can't pay their mortgage or car loan these days and it seems they back to allowing subprime car loans these days and subprime mortgage for their home.


How is this legal? I thought subprime car loans and subprime mortgage are not legal?


What is going on that most Americans can't pay their mortgage or car loan these days? I know the Auto industry is not doing well.

That Americans are that in debt they cannot pay the mortgage and car loan these day or just don't make enough money at their job.

--

A quick internet search reveals that TransUnion, one of the biggest credit reporting companies in the world, reports that the US mortgage delinquency rate in 2020 is around 1.47%. That's a far cry from the 50%+ required for the statement "most Americans can't pay their mortgage" to be true. I didn't bother looking up the default rate on cars loans. Perhaps you should have done so prior to starting a ridiculous thread.
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Old 02-02-2020, 06:20 AM
 
1,222 posts, read 466,620 times
Reputation: 2125
"Most Americans" is an incorrect statement.

Irregardless (ha!), I'd bet that a fair number of those same people who indeed can't pay their mortgage or car loan are somehow able to pay for smartphones and phone plans, cable internet, nice clothes, vacations, dinners out, etc. And they probably purchased too much house and/or too much car.

It's all about choices.
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Old 02-02-2020, 07:32 AM
 
27,722 posts, read 34,534,635 times
Reputation: 35853
Quote:
Originally Posted by Bubble99 View Post
Most Americans can't pay their mortgage or car loan these days and it seems they back to allowing subprime car loans these days and subprime mortgage for their home.


How is this legal? I thought subprime car loans and subprime mortgage are not legal?


What is going on that most Americans can't pay their mortgage or car loan these days? I know the Auto industry is not doing well.

That Americans are that in debt they cannot pay the mortgage and car loan these day or just don't make enough money at their job.

--
“ Most Americans” ? I doubt that.
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Old 02-02-2020, 07:34 AM
 
76,524 posts, read 75,877,273 times
Reputation: 53727
absolute baloney... " most Americans "
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Old 02-02-2020, 07:56 AM
 
14,264 posts, read 227,284 times
Reputation: 22194
Another one of these threads.
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Old 02-02-2020, 08:06 AM
 
4,215 posts, read 3,464,354 times
Reputation: 13973
How about "some Americans". I know it doesnt make the story exciting, but I think its more accurate...not that anyone cares about that.
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Old 02-02-2020, 08:08 AM
 
76,524 posts, read 75,877,273 times
Reputation: 53727
not even a click bait article ....

but still nothing i would even care to read
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Old 02-02-2020, 08:28 AM
 
13,130 posts, read 10,541,994 times
Reputation: 10234
Any private company can legally lend money to you as long as they are willing to give up government guarantees or backing by Fannie/Freddie.
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