By Nancy
Trejos
Washington Post Staff Writer
Friday, August 24, 2007; Page D01
On AOL.com this
week, the Internet-based loan company LendingTree offered "Bad
credit options" and a $425,000 loan for only $1,376 a month. And Countrywide
Financial, the nation’s largest mortgage lender, declared, "Bad
Credit? Call Today. Refinance or Tap into Your Home’s Equity" in an
online ad from its Full Spectrum Lending Division.
No-money-down mortgages and subprime loans that cater to people with spotty
credit are quickly disappearing as lenders tighten their standards in response
to a rise in foreclosures. But you wouldn’t know that if you looked at the
ads that some banks and loan companies have placed on the Internet and in
newspapers, including this one, often right next to the very stories chronicling
the meltdown in the mortgage industry. So what’s with the mixed messages?
See the full article here:
http://www.washingtonpost.com/wp-dyn/content/article/2007/08/23/AR2007082302101.html
