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July 15, 2005

Federal banking regulators fret about certain mortgage programs

They are right, as we said before it is too easy to obtain mortgage these days. No money down, interest only, option ARM. But the one I like the most is True No Doc loan. You don't have to show income, any savings AND even work. 5% down payment and credit score of 620 and above qualifies you for a mortgage. You don't even have to go sub prime. Many leading A-paper lending institutions write those mortgages today.

As the result home prices are continue to go up. I am not talking about Miami or Las Vegas, I am talking everywhere.

I just heard on a radio that Mr. Greenspan something like this -
"We know that some area prices are very high but that is not our job to make them go lower."

In other words, let market correct itself. The only problem coming is, I think, the potential number of mortgage delinquencies.

Posted in Mortgages at July 15, 2005 03:26 PM

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