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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: The Wharf who wrote (30690)	5/4/2005 5:45:16 PM
From: GraceZ	Read Replies (1) \| Respond to of 306849

Well, if this is true, the banks will have to learn the hard way, again. Considering that the guy, who is in the process of buying one of our houses, has taken three years to get a loan and still isn't approved ....when he will have 50% equity on the day of the close, I'd have to say the mortgage market here isn't throwing money at just anyone. The guy has no FICO score because he has never borrowed money, so the system won't even allow his application to be processed even though he's willing to pay sub prime rates.