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Loan Modification

: Mortgage Lender Implode-o-Meter

New Program for Buyers, With No Money Down

By Implode-Explode Heavy Industries

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"Throughout the foreclosure crisis, the state agencies continued to make loans with low down payments, often to borrowers with tarnished credit, with much lower default rates than comparable mortgages from commercial lenders or the Federal Housing Administration. The reason: the agencies did not offer adjustable rates, and they continued to document buyers? income and assets, which many commercial lenders did not do. In 2009, the agencies? sources of revenue dried up, and they had to curtail most lending."

Full post as published by Mortgage Lender Implode-o-Meter on September 04, 2010 (boomark / email).

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