citi: Credit Score Limits Are Excessively High
- 03/15/09 10:00 AM
At a time when we need home prices to stabilize, access to the mortgage pipeline is being excessively constrained by absurdly high borrower credit requirements, diminishing credit scores resulting from lender imposed credit limit reductions, and understaffed Lenders hamstrung by top-down, inept bureaucracies. Because of the credit crisis, Mortgage Lenders have closed their purse to all but the best borrowers with impossibly high credit scores. Most Conventional loans today require a credit score of 740 or higher. During the 1980's and 1990's, before sub-prime loans were commoditized, and before we shifted wholesale from "rules based lending to "risk" based lending, the … (0 comments)
At a time when we need home prices to stabilize, access to the mortgage pipeline is being excessively constrained by absurdly high borrower credit requirements, diminishing credit scores resulting from lender imposed credit limit reductions, and understaffed Lenders hamstrung by top-down, inept bureaucracies. 
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