What is the mortgage crisis?
The current mortgage crisis refers to the sharp rise in U.S. home foreclosures beginning in 2005 and grew by 2007 to pose global financial implications. The mortgage market serves three broad categories of borrowers: prime, near-prime (or Alt-A) and subprime. The subprime category used to consist mainly of borrowers who are "risky" in the eyes of mortgage lenders. These subprime loans typically have higher interest rates on their loans than a prime or near-prime loan. However, many loans that have high interest rates today, and could be viewed as subprime more than half were given to near prime or prime borrowers during the last part of the housing boom. More
What can I do about my mortgage?
If you anticipate having mortgage troubles, the first thing you need to understand is your current credit situation and mortgage options. This includes determining what your mortgage payments might be if you refinance your current loan to a fixed-rate loan. You should also understand your options based on your current credit standing. More
Coming soon to myFICO.com
As the consequences of the mortgage crisis continue to be felt, myFICO will bring you timely updates and practical solutions. Be sure to check back soon to use the following new resources:
Housing Market How your credit impacts loan Webinar
Sign up to receive our newsletter and we'll email you when you can attend this webinar and when other mortgage resources become available.
ARM reset calculator
Don't be surprised by your loan rate. Calculate what your loan payments will look like before you receive the new bill.
HOPE NOW Alliance
Fair Isaac and myFICO are planning to partner with HOPE NOW, the alliance of counselors, servicers and investors, that strives to keep homeowners in their homes.
Credit Education Center
Educational material that will help you make sense of credit related issues.