What a mess! The big banks screwed up, the mortgage brokers screwed up, the regulators screwed up and now everyone is scrambling to come up with a "quick fix" solution to the damage caused by 10 years of everyone abusing the system because of the lack of regulation. I thin it's impossible to undo the damage that was done in the past 10 years very quickly.
I will say this however, the biggest problem I see as a mortgage lender is in the perception that the public has with regards to their ability to obtain financing. I will admit that it is much more difficult to get a loan these days than it has been in a long time. There are many people that can get financing and are reluctant to purchase a home because their perception is that they will have a difficult time to get a loan. I also believe that many buyers are reluctant to "pull the trigger" because they feel that they will get a better price if they wait a little longer.
What has to happen for the perception to change?
Wednesday, October 22, 2008
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