As mortgage broker who’s doing loans everyday, we have been telling the government agency who’s making the lending rules and regulations that they went overboard and lost common sense. However, since they do not really work on each and every real case themselves, the rules and regulations only get more and more stringent.
How tight is the mortgage market? Let’s put it this way: The former head of the Federal Reserve is having a tough time refinancing his mortgage.
Speaking at a conference in Chicago yesterday, Ben gave the news to Mark Zandi of Moody’s analytics, according to a Bloomberg report.
“I recently tried to refinance my mortgage, and I was unsuccessful in doing so,” Bernanke said. “I’m not making that up,” he continued when the audience laughed.
Bernanke said that the housing market “is one area where regulation has not yet got it right.” He said it was “entirely possible” that lenders “may have gone a little bit too far on mortgage credit conditions.”
Source: Mortgage Professional America
