NLIC.org

Joan Said:

What do think the Mortgage Lenders and the Government will do about the rising defaults and foreclosures?

We Answered:

The government will do little if anything.

Mortgage lenders have already started by tightening up guidelines. Just a few months ago, someone with a 580 credit score could qualify for a 100% mortgage, but now the minimum score is 620.

Interest rates will not go down as a result. Mortgage rates are determined by the secondary market, not regulation.

Woof.