Low Mortgage Rates Insufficent, Lenders Cry Foul Because of Repurchase Bad Mortgages from Fannie Mae and Freddie Mac

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Low Mortgage Rates Insufficent, Lenders Cry Foul Because of Repurchase Bad Mortgages from Fannie Mae and Freddie Mac

Low Mortgage Rates Insufficent, Lenders Cry Foul Because of Repurchase Bad Mortgages from Fannie Mae and Freddie Mac

Unreal and they wonder why anyone would do business with these fools. Perhaps the market won’t turn around because many not all lenders did fraudulent activities with these loans.

Seems they are trying to go back to the easy billions they are used to making.

They aren’t billionaires because they were hard working or smart 🙂

BLOOMBERG-

Government efforts to make lenders pay for soured mortgages may be keeping potential borrowers from record-low interest rates, slowing home sales and refinancing as banks tighten standards to avoid more demands for refunds.

Lenders are insisting on higher credit scores and more documents than required by the Federal Housing Administration and government-backed Fannie Mae and Freddie Mac. Quicken Loans Inc. and Vision Mortgage Capital are among firms saying they are increasing scrutiny of would-be borrowers in response to pressure to cover losses incurred on U.S.-backed housing debt.

“You’ve got to take measures now to protect yourself,” John B. Johnson, chief executive officer of Birmingham, Alabama- based MortgageAmerica Inc., said during a panel discussion this month. Demands that lenders repurchase bad mortgages from Fannie Mae and Freddie Mac are “casting a pall over the market. I fear that it will face a much longer recovery because of this.”

[BLOOMBERG]

© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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