Subprime loans fallout??. El Paso

[Logan]

Scratching my head and it just doesnt sound right about most mortgages here in El Paso being the Conventional Type. El Paso is a low income wage city. Most people here dont have the cash to come up with a downpayment. Guessing that a percentage of these loans were subprime that were directed to the low income wage earners in this city. Also guessing that a percentage of these investment speculators from Califonia that bought up the Westside could have been using subprime loans to finance those houses. Not sure if El Paso is immune to these problems that are hitting the markets now. Will have to wait and see.

[FB1977]

Originally Posted by eplifestyle

My pleasure, FB, and Welcome to El Paso!

-eplifestyle

Thank you! I'm sure I'll have lots of questions once my Northern butt moves out there this summer.

[malamute]

If the Base relocation goes through -- then EP housing will do fine. If for some reason they decide to not go through with plans -- there's going to be a whole lot of new houses sitting empty. It's thousands of military families they plan to bring in.

[Logan]

because of the low income base here in El Paso a lot of people would have to have gone subprime and alt a on their mortgages.From personal experience I tried going VA but I encountered a lot of resistance from Realtors , Sellers and Mortgage Brokers. Most of them preferred Sub prime and Alt A because those loans would clear really fast as opposed to VA which they claimed took too long. Anyway El Paso will not be immune.
I think Fort Bliss is a good deal for El Paso. But it looks like the next incoming president will be Hilliary Clinton. The Clintons are not good friends with the Military Industrial Complex. Most of us still remember what happened when Clinton came in and started cutting back Military spending. Some units here didnt even have enough moneys for ammo when we went out to the range.
Not only that but a lot of units were deactivated. So even if we do have Silvestre Reyes here, all bets are off with the Clintons.

[malamute]

"So even if we do have Silvestre Reyes here, all bets are off with the Clintons."

Yes --- that's very true. The military families moving in are definitely a great thing for this area --- but only if it happens. If the base realignment doesn't go through or they stop it early on --- then --- it's going to get real bad here. There is not much besides taxpayer-using industry -- hospital jobs and public schools -- and welfare clinics. All the big jobs --- Asarco, Levi, Mountain Pass -- or Old El Paso are gone. Way too many needy people moving in from Juarez as it seems to be collapsing.