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fiasco: Trillions of dollars of new originations with no appraisal requirements. WTF?
- 03/27/09 02:02 PM
By Dawn Kopecki March 27 (Bloomberg) -- Mortgage originations may double to $3.1 trillion this year as historically low interest rates and looser financing standards at Fannie Mae and Freddie Mac lure more borrowers, Bank of America Corp. analysts said. ````````````````````````````````````````````````````````````````````````````` The rest of the article is located here: http://tinyurl.com/cn68fu If you read the article, please notice this part: “The fact that the GSEs are taking away the appraisal requirements increases capacity inherently,” Ravi said, referring to government-sponsored enterprises Fannie and Freddie. “You don’t need to do a portion of the work that you were doing before on these mortgages.” And,
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