Pittsburgh Legal Newslog: Home Mortgage Credit Standards “Stuck on Stupid.”
Posted By Cliff Tuttle | July 11, 2009
Posted by Cliff Tuttle (c) 2009
Highly qualified home buyers are being excluded by many lenders due to overly-rigid credit standards adopted in response to the subprime meltdown last fall, according to the New York Times.
This has happened before and community-based thrifts, banks and credit unions made a niche for such borrowers. It may take a little time, but this phenomenon will happen again, subject to regulatory restraints. The article doesn’t say so, but well-qualified borrowers should look for portfolio lenders who do not follow Fannie Mae underwriting guidelines.
CLT
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