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Is reform worth inevitable rate hikes?

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Mortgage Professional America | 21 Apr 2014, 12:06 AM Agree 0
One of the main roadblocks to reforming the mortgage system has been the fear that moving more risk to the private sector would increase costs for borrowers. But now a former assistant secretary of the Treasury is calling that fear “misguided”
  • Stacey Johnson | | 21 Apr 2014, 04:58 PM Agree 0
    Here's the facts... banks are no longer writing no document stated mortgages which is what caused the crisis to begin with. Well that a d the loss of jobs in America, the sub prime mortgages that went to ridiculous rates after a certain time. But our goverment were pushing these mortgages. It was great for our economy. House were selling faster than the could be built. Then...Our economy started to crash. Jobs were going away hone values were going down and some hone owners interest rates were going up to a point they couldn't afford the payment. So now we don't write these lians anymore... no sub prime mortgages no stated income no inflated income or home values. We now document income assets give a barring a on customers credit history etc. We do all we can to be sure a customer can make the payments and give credit history a bearing on mortgage approval. Everything we can to only put eligible borrowers into home mortgage. You have fined the banks billions for.doing what you agreed to. Let's step back here and use common sense. Because right now we are far from it. Get to g a home mortgage now has become so difficult a.s complicated for everyone. No one can tolerate this anymore. I know I have to find a new job... to the point I can't support my family for 2 reasons. Not that I don't have customers wanting to buy a home or refinance mortgage it's because my income has been cut in more than half and I can't get qualified borrowers approved

    Stacey Johnson.
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