Saturday, February 16, 2008

Part of the reason

Mortgage insurers are adopting stricter standards the Wall Street Journal reports. One of the biggest players in the field, MGIC, will no longer insure borrowers unless they have a down payment of at least 5%.

That's right, I said
5%. Who in their right mind would consider this a strict standard? I guess it is if the alternative were no money down. No wonder the number of foreclosures has ballooned.

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