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

|By:, SA News Editor

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."