This is not a Policitcal Site - keep up the foreclosure help talk
One culprit I think is over looked is the appraiser. You do not know how many times the broker tells the appraiser what the number they need is in order to do the deal. Not knocking anyone but I get tons of brokers that were making way too much money and have nothing but late payments to show for all of their hard work.
Corey you are right about the slack or even non-existent underwriting rules. It was as if there was no criteria and if you had a pulse a broker could get you a loan.
Tenants bought houses in the last 3 years, there is a big difference between a renter and a homeowner and the market is making a huge correction. The only real issue is that rents have stagnated because there were so many speculated buys and mortgagors are taking extremely low rents just to offset some of the negative cash flow. Although it depends on where you live for speculative buying. just my thought and trying to change the thread from getting political. I am sure there is a political forum out there if you can not find it let me know and I will find one for you.
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