Quote:
Originally Posted by cougjunkie
if any of you are self employed or for whatever reason have to go stated on your loans, i would highly recommend that if you are not happy with your rate or if you have an adjustable rate, that you refinance as soon as possible. Stated income loans imo will be gone within the next 12 months, also two of the biggest lenders in the country went belly up today Novastar mortgage and Aegis mtg corp. These are not strictly sub prime lenders either, Aegis is actually an A paper lender. Things are getting really bad.
Wells Fargos mortgage rates went up 2% as well.
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If this continues won’t there be considerable pressure by the end of the year for the Fed to start lowering rates? Not just for consumers, but if liquidity dries up it can also start to hurt business investment (capital expenditures, MNA etc.)