Here we go again - Fannie Mae loosening rules for refinancing mortgages
-->Credit Crunch, Credit, Politics, Bailout News, The Economy, Real Estate February 6th, 2009
Easy money!!! This is exactly what got us in this financial mess to begin with and we are now seeing lenders loosening mortage standards again just like they did during the boom. I guess we tried to build this economy on solid fundamentals but we are now realizing that we are indeed addicted to easy credit. When are we going to learn to live within our means and actually save money and produce instead of just borrowing from our children’s future and moving money around?
Bloomberg is reporting the following:
Feb. 5 (Bloomberg) — Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.
Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.
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