FINALLY MORTGAGE LENDERS SET TO RELAX STANDARDS BRINGING RELEF WHERE NEEDED

Dated: 11/29/2014

Views: 456

I saw this article in the Wall Street Journal and I had to post it is a very important and an expected move, more important it is a move that was needed in  order for the housing recovery to reach down below the upper class and benefit the middle to lower economic classes. The housing bust caused by the greed of the bankers, appraisers and realtors effected the middle class and below much harder then the upper economic classes, of course they are the ones to be last in getting help in the recovery. I can go on and on about this and I have in blogs a few months back, so I will not start by ranting over again. ( I know I already did couldn't 
help it)

I have been working with many clients that have been hit hard by this tight mortgage economy, we see the stock market zooming and the company profits at all time records, then you couple this with low interest rates and needless to say they get very frustrated, perhaps now we will see some relief.
If you are interested in buying a home take a look at BUYERS SERVICES on my website. This link will give you tools such as how much house can I afford? how much will my mortgage be? along with articles that you may find interesting..
Questions I have answers , if not I will get them to you quickly, I look forward to hearing from you 310.505.5571
    

Mortgage Lenders Set to Relax Standards

Agreement With Fannie, Freddie Potentially Paves Way for More Applicants to Qualify for Loans

By  JOE LIGHT Updated Nov. 28, 2014 1:46 p.m. ET
Some of the largest U.S. mortgage lenders are preparing to further ease standards for borrowers after the release of new guidelines this month from mortgage giants Fannie Mae and Freddie Mac.
The new guidelines, to take full effect Dec. 1, resulted from an agreement in October meant to clarify when lenders would be penalized for making mistakes on mortgages they sell to Fannie and Freddie.
Lenders have blamed the lack of clarity for tight credit conditions that have made it difficult for many consumers to qualify for a mortgage.
Relaxing the lending standards potentially could make it possible for hundreds of thousands of additional consumers to get mortgages..... The Urban Institute, a Washington think tank, earlier this year estimated that as many as 1.2 million additional home loans would be made annually if mortgage availability were at “normal” levels.
It is a lengthy article and if you would like to read the complete version here is the link Mortgage Lenders Set To Relax Standards
Robert Schmalz California 
Broker Lic #01813025 
West LA Real Estate Group / Rodeo Realty 
310.505.5571 ------ bob_schmalz@wlaregroup.com
11940 San Vicente Blvd Suite #100
Los Angeles, CA 90049

www.WestLARealEstateGroup.com   
Serving all of Santa Monica, Brentwood CA, 
Pacific Palisades and West Los Angeles 
CLICK TO SEARCH THE MLS       
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Robert Schmalz - BRE 01813025

DBA "West Los Angeles Real Estate Group" ....

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