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4 million: The number of mortgages that never happened

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Mortgage Professional America | 07 Apr 2015, 07:00 AM Agree 0
Researchers claim that millions more mortgages would have been made between 2009 and 2013 if lenders had used the same standards as were used in 2001.
  • Jburns | | 07 Apr 2015, 01:36 PM Agree 0
    The easying of credit began in the mid 1990's under the Clinton administration, and was in full swing in the early 2000's. The escalating values of real estate continued to bail out poor credit, no income no asset products, that were being pushed by the federal government, strickly for political purposes. That bubble burst in 2007. "Researchers" continue to try and relate credit descrimination to race, and it has nothing to do with it. It is all about the ability to repay based on credit, income, job stability and reserves and/or down payment. Always has been and always will be. Color of skin is not taken into consideration, never has never will be. Running a lending operation profitably has to do with ability of the borrower to repay and therefore low deliquentcy, whether it is a bank, mortgage banker, or Fannie and Freddie. Government intervention into that ability to make proper decisions, in lies the whole problem in a nut shell. How many decades, and how many millions of dollars wasted on researchers and rulemakers, is it going to take to figure out what is so obvious to everyone except federal politicians.
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