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Adam Ford
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http://news.yahoo.com/s/ap/20080320/ap_on_bi_ge/credit_crunch_lending;_ylt=AtVQswDQ1cgYkasDETVx6suyBhIF
Leery lenders demand more from borrowers
WASHINGTON - Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow — even for those with good credit.
Mortgage insurers, whose backing is required for borrowers who can't afford the traditional 20 percent down payment on a home, have already flagged nearly a quarter of the nation's ZIP codes where they refuse to insure some home loans.
That encompasses a wide variety of neighborhoods: McMansions in Scottsdale, Ariz.; luxury Miami condos; 1960 ranch houses in Flint, Mich.; and early 20th century kit homes in Metuchen, N.J.
The entire states of California, Florida, Arizona, Michigan, Ohio and Nevada — which have seen the highest foreclosure rates and the worst price declines — are blackballed on some mortgage insurers' lists.[/url] |
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Thu Mar 20, 2008 6:44 pm |
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Ryan Eashoo
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Gosh more bad news for Flint Town!
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_________________ Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Fri Mar 21, 2008 5:43 pm |
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