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Geographic Area:
USA - General
Reporter: "Crafate"
Wanted to advise on the lack of underwriting in the mortgage market. I
had a clients loan paid off this week after a 2 year default because a
lender gave 100% financing to a person who was selling and had 4
bankruptcies, IRS problems and a history of nonpayment. If he wasnt able
to service a $25000 debt, there is no way a $70000 debt is going to be
serviced. As I represent the first lienholder being paid off, its not my
problem-but makes you wonder when the Fannie Mae portfolio will blow.I
close million dollar homes every month for 30 somethings that get 95%
financing based on 2 jobs with no real savings. Noone asks the ? of what
happens if one loses a job. Regards, crafate Click here to
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