Gone Missing: 1.1 Million Loans

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Posted To: MND NewsWire

Analysts from the Urban Institute recently put a hard number on tight credit. The company says that lenders failed to make about 5.2 million mortgages between 2009 to 2014 because of rigid underwriting standards. An additional 1.1 million mortgages could have been processed in 2015 “if reasonable lending standards had been in place.” All in all, 6.3 million mortgages that might have been disappeared over that six-year period. UI says that since the 2008 housing crisis, borrowers with less than stellar credit have found it hard to obtain a mortgage . Purchase mortgages declined from 4.6 million in 2001 to 3.5 million in 2015 because of exceptionally high standards. Among the strictures facing less creditworthy borrowers are: “Overlays” or additional restrictions, above and beyond FHA and GSE…(read more)

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