This second article on credit conditions comes from a friend of mine, Joel Maloney, a mortgage broker in Santa Barbara (805-963-1496 x124). Joel has been in this business for 30 years and has been very successful serving his clients. We were chatting about mortgage lending at a Super Bowl party and I asked him to write down what he was telling me about the residential lending market. Again I was shocked at what is happening out there. This is a great piece of reporting.
Some people think the mortgage market is getting “looser.” It’s getting tighter. And money is NOT being lent to those who have proven themselves to be credit worthy unless they can meet the overly restrictive standards now imposed. Let me give you a few examples.
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