Mortgage Buyer Observation
I see some very scary parallels between the private mortgage business and the traditional mortgage business. The big similarity is dropping credit scores. Borrowers who had a 640 credit score 3 months ago now with a 540 credit score. Unfortunately, this is indicative of the state of the US economy. And while the mainstream media talks very little about this, I believe it is having a profound effect on many, many people’s lives and for the creditors who are struggling to collect. I wonder just when the financial problems ordinary people are having will show up (or maybe rather be owned up to) in all the myriad of statistics put out by the government and the financial community. It’s just another scary indicator on the mortgage front, both private mortgages and traditional mortgages.
The Mortgage Buyer