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Mortgages News and Credit Repair
The lenders today have upped the ante on getting a home loan. Recent events on in the hosing market and on Wall Street, have caused the national lenders to take a hard look at there underwriting guild lines and whether or not there guild lines will satisfy there investors.
A recent report by the CRL (Center for Responsible Lending) (www.responsiblelending.org/issues/mortgage/reports/page.jsp?itemID=31214551) states that 2.2 million borrowers face foreclosure on subprime home loans. This translates to $164 billion due to foreclosure in the subprime mortgage market. CRL report also stated that 1 out of 5 subprime loans written in 2005 thru 2006 will fail.
With this type of prediction being made it is not surprising that a lot of subprime lenders are now increasing there requirements for subprime loans. Increased credit score requirements as well as changes to the types of loan programs that will be available.
Credit Repair and Credit Education will be the key for new first time home owners that are coming into the market place that have had credit issues in the past. It wasn't that long ago when a borrower with a 580 credit score, no reserves, some late pays and no rental history could get approved for a 100% financing ... more

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