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By Direct Mortgage Home Loans at 06/19/08 17:14
Many people during the last year who have tried to get a mortgage in order to buy a home have suffered the effects of the current credit crunch. This article visits a few of the effects of the crunch including the disappearance and temporary appearance of some mortgage loans.The serious losses suffered by Government Sponsored Enterprises (GSE's), Wall Street firms, and other investors across the United States brought about credit tightening and the disappearance of the loan products that caused these losses. The leading culprit was the high-risk, 100% CLTV 2nd mortgages on investment properties, most of which were executed with Stated Income and Stated Income Stated Asset (SISA) documentation. This loan type started disappearing two to two and a half years ago with credit tightening or discontinuance happening rapidly. Other high-risk loan types that resulted in significant damage were the Owner Occupied SISA and No Doc loans. Most lenders no longer offer these loans. Read more: Temporary Mortgage Loans and Buying a Home [click] Index for Utah
Utah Tags: fha loans • mortgage • no doc loans • owner occupied sisa •
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