Sub-Prime Mortgages - what's up?

Many thanks to Dan Green at The Mortgage Reports Blog for posting about the current sub-prime mortgage mess. A great article on how we got here and what it's all about.

...the mortgage market turned sour in a very big hurry, but credit standards are still looser than they've been historically and there are plenty of homes for borrowers-in-need (pardon the pun).

The products getting flushed right now are the high risk loans that would never have had a prayer six or seven years ago...