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Thanks to email@example.com for pointing out a company specializing in mortgage loans for people with abysmally bad credit—FICO scores below 500.
The San Diego-based company, SUB 500 Mortgage Inc., illustrates the home page of its website with a driver’s eye view of a race track, which I guess is the revved-up perspective of people who actually think they can go out and buy a house with severely impaired credit.
Rates start at just over 10%.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.