More news on the "credit squeeze" front
Kenneth Harney continues documenting restrictions in the mortgage world with today's column, noting changes you might face if you're interested in cash-out refinancing, investment purchases and other specialized parts of the lending market:
Why the continuing rollbacks and how long could they continue? Lenders and insurers are carefully studying the sources of their greatest losses from mortgage vintages between 2003 and 2007. Where they see inordinate risk, they are reacting much as they would to a disease: They are eradicating it.In the meantime, consumers have little choice: Get used to it. The excesses of the boom begat the credit squeeze, and it's not going away anytime soon.
If you're in the market for a new-purchase loan or a refinance, have you had any issues? Or have you found a product -- whether private market or government backed -- that suits you?
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