LAZERSON: One lender has canceled a popular no-doc loan, citing “safety and soundness considerations.”
Last October, after nearly 62 years of marriage, Huntington Beach homeowner Patricia Fisher lost her husband. She also lost some of their retirement income with his passing.
Might I remind you just how difficult Fannie and Freddie made it for self-employed borrowers to qualify for home loans because of the imploding COVID-19 economy. Sinking year-to-date income often meant mortgage credit denied. In its memo to mortgage brokers, Quontic cited “safety and soundness considerations,” including their inability to get AAA securitization ratings for such loans and concerns about the unaffordability of house payments as interest rates rise.Full disclosure: my firm is a longtime Quontic Bank customer.
“If that is the case, affordability will sink rapidly,” Sfeir said. “We are forecasting prices in Orange County and California to fall between now and the end of the year. We might have a recession in the second half of 2023.” “The current $27 trillion amount of home equity is the highest ever,” said Rick Sharga, executive vice president of market intelligence at Attom. “ if there is concern about jobs not being stable, it’s tough to tap into home equity if you’re not employed.”
“ any combination of a new first , or a first and second, deductions are capped at $750,000,” said Sroka.
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