Heavens know I hate to hear bad news (we all do)… but I ran across this article on MSNBC talking about how the standards for home loans have become so stringent that they are boarding on the ridiculous.

Here is an excerpt:

“The real estate business seems to have switched its motto from “location, location, location” to “documentation, documentation, documentation.” Potential buyers must chronicle every dollar of income and all assets via pay stubs, W-2s, tax returns, bank statements, credit reports and sometimes even letters from employers or family members. Mortgage brokers blame new federal lending rules for injecting unneeded delays in the loan process, and they accuse some underwriters of focusing on their own job security rather than fairly analyzing a consumer’s default risk.”

Lets all keep our eyes open for solutions to these problems!! (Read this article and let us know what you think)

Read the entire article here
MSNBC….Tighter Standards

This entry was posted on Wednesday, June 23rd, 2010 at 3:56 pm and is filed under In the Media, Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.