"We are seeing little correlation between debt ratios and foreclosure statistics." Hard to believe those were the words I heard from a government sponsored enterprise representative in the mid 90's. Do you think you'd hear Freddie or Fannie saying that today?
This is my post script to the past six days on mortgage affordability. If anything is clear to me, it is that mortgage affordability is more than going to the bank to see how much I can borrow.
I have read, heard and gnashed my teeth over many theories trying to explain what went wrong with the US housing market the last few years. Although I believe strongly in self responsibility, I still think Joe the homeowner was not represented fairly.
And I want to do my part to assure that the dream of owning a home remains a reality for generations to come.
Well of course Freddie Mac has the advantage of hind sight these days and I promise not to hold it over its head forever. But there is a lesson to learn. Who was addressing Joe's mortgage affordability?
For more on the dream of homeownership, visit Mini Skirts And Hope For Homeowners - Part One
Yours in furthering homeownership, Kate Ford
Realtors: promote yourself here => Kate's Real Estate Directory USA and yes, its free!
Mortgage professionals: the opportunity to promote yourself =>Kate's List of Mortgage Companies and yes, its free!
Get-Your-Best-Mortgage-Rate.com and Prime-Real-Estate-Articles.com
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I agree that Joe the homeowner has responsibility for his situation but I do feel there was mistreatment also. When you dangle a carrot under someone's nose - it is difficult to make yourself do the right thing. Especially we the consequences are "down the road" and "we'll have more money" or "we'll refinance at that point." Plus a lot of folks grew up trusting their banker and if their banker said to do something, they put stock in his advice. Sorry for the soapbox!