We've all known that Underwriting Guidelines have gotten shall we say, just a little more difficult in the last few years (Sarcasm).
Ben S. Bernanke, the former Federal Reserve Chairman, speaking at a Conference yesterday told a Moody's Analytics, Inc. moderator that he himself was having problems refinancing his mortgage. He further indicated that his attempt to refinance was "Unsuccessful".
Gee! Can anyone of us, or some of our clients relate to this?
Bernanke went on further to say that " I think that the tightness of mortgage credit, lending is still probably excessive".
Well, welcome to Our World, Mr. Bernanke. I believe that almost all of us would agree to that keen worded observation to say the least.
For a full read of the article featured on Bloomberg, please refer to the link posted below:
Here is another Article Today on the Bernanke Refinance Issues from Mortgage News Daily:
I'm not certain about you, but I definitely have no sympathy for Mr. Bernanke who is partially responsible for these tighter, and in some cases, insanely ridiculous loan guidelines.
Have a great weekend everyone.
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