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Keeping Score: The New Rules for Credit Scores and Mortgage Risks - 03/12/08 11:25 AM
Fannie Mae and Freddie Mac, the nation's two largest buyers of home mortgages, recently enacted changes in how they use credit scores to assess risk and price loans.  If you have excellent credit so you think this may not affect you, think again!  The latest announcement will affect borrowers with scores as high as 719, generally considered to be A credit.
Up until recently, borrowers who got Approval recommendations from either of the two Government Sponsored Entities (GSE's) would enjoy access to the same interest rates regardless of credit.  In other words, it didn't matter if your credit score was a 610 … (1 comments)

Hope for the Best...Prepare for the Worst - 03/03/08 04:16 PM
The words get bandied about in the press, on TV, and at the water cooler.  Recession.  Inflation.  Deflation.  Stagflation.  Depression.  But what does it all mean?  Are we really heading into a bad time for the economy?  And if so, what can you do about it to protect yourself?
The truth is that whatever you want to call it, the economic forecast doesn't appear to be particularly sunny.  Banks are losing billions of dollars in the value of the loan portfolios they hold, with further deterioration expected.  This has lead to a tightening of credit standards across the board, making borrowing more … (1 comments)

 

Don Carter

Haverhill, MA

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All Star Mortgage, LLC

Office Phone: (978) 853-7066

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My first effort at blogging is intended to provide readers with timely, relevant, and occasionally entertaining information about a variety of topics, including mortgages, real estate, and whatever else I happen to be interested in at the moment. I hope you enjoy it!


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