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Where are the 4% mortgage rates? Despite rates sitting near record lows, borrowers struggle to...

Where are the 4% mortgage rates? Despite rates sitting near record lows, borrowers struggle to land them as lenders tighten credit and document requirements on pressure from Freddie and Fannie to maintain unflawed paperwork. Quicken Loans (INTU) CEO Bill Emerson sums up the environment: "Documentation standards are getting more and more onerous because no one wants to manufacture an imperfect loan, even if the imperfection is really insignificant."
Comments (3)
  • Windsun33
    , contributor
    Comments (4277) | Send Message
     
    It has gone from one super-extreme to another. 5 years ago when my niece bought a house, they did not even ask for proof of employment, now trying to refinance for lower rates she was asked for employment history proof for last 3 years.
    25 Oct 2011, 12:30 PM Reply Like
  • The Sane Investor
    , contributor
    Comments (357) | Send Message
     
    Hey, here's a thought: if the federal government is backstopping mortgages, from a taxpayer's perspective they should be perfect!
    25 Oct 2011, 12:38 PM Reply Like
  • OptionManiac
    , contributor
    Comments (3342) | Send Message
     
    I just refinanced for 3.5%, and the bank was flooded with refi's. Live in an area where home prices never went crazy.
    25 Oct 2011, 12:57 PM Reply Like
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