Quote:
Originally Posted by cougjunkie
No more stated 100% loans, no more no-doc loans, it is getting very very hard to get anyone approved.
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You mean the buyer will actually have to have some equity at closing and some verifiable income? How draconian!
You do know that the wave of creative financing, or more accurately, aggressive financing, is a large part of what was supporting speculation and driving pricing up sky high in most parts of the country? As usual the regulators and industry are doing the usual, closing the barn doors after the horses got out, which will make things get worse before they get better. As BYU71 said, I hope those who were loaning any amount to anyone with a pulse will go out of business rather than be rescued by Uncle Sam.