Mortgage Credit Availability Decreasing Due To More Regulations

Over the past 5 years the mortgage, appraisal and real estate industry has seen regulations cripple the housing market. Our politicians are over regulating the real estate industry due to their incompetence and deregulation that occurred in 1999.

Mortgage Credit Availability Decreased Slightly in November
“A significant number of loan programs allowing for more than 95 LTV and low-to-mid range minimum FICOs were either discontinued in November, or transitioned into programs with lower LTV maximums and/or higher minimum credit scores. Investor pull-back from programs with greater than 30 year terms and Interest-Only programs continued as the industry prepares for new regulations coming into effect in January 2014.

Some decreases to the index were offset by investors increasing their cash-out offerings to well-qualified borrowers.”

Senator Byron Dorgan warned us about the risks posed by the Gramm-Leach-Bliley Act that deregulation of the banking system.

 

image of Gramm-Leach-Bliley Act

Hopefully we can all put our thinking caps on and vote for our public servants that actually know something and have experience in business and real estate. The politicians can point the finger at everyone else, but if they want to know who is responsible all they need to do is look in the mirror.

If you are looking for real estate in Tampa click here. We have a lot of very educational videos on buying and selling a home.