Market Spurs Tightening in Underwriting
By Amy Wyeth
Over the past 20 years, market forces have greatly expanded the number and type of residential loans available, but the wide variety of mortgage products on the market now may be headed for a period of contraction and underwriting guidelines are being tightened. Market forces again are partly responsible, especially the recent increase in delinquencies in repayment of subprime loans, with the percentage of subprime loans for which borrowers are behind on payments now in the double digits and increasing.
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