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03-18-2008, 06:17 PM #1
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first-time buyers hit as lenders pull plug on all but the lo
Housing market: first-time buyers hit as lenders pull plug on all but the lowest-risk loans
Judith Heywood and Rebecca O’Connor
Harsh new conditions set by banks and building societies may leave many borrowers unable to get a mortgage after the sudden demise of Bear Stearns fuelled concerns that the credit crunch will prove deeper and more enduring than was first thought.
Lenders, desperate to reduce their exposure to risky debt, are turning away borrowers with small deposits or a credit-record glitch as small as a single missed payment. The number of home-loan deals available has plunged and the number of unexpectedly denied loans has soared.
Hundreds of thousands of existing homeowners can expect to be hit with higher interest rates in the coming months. Experts are now warning that the fallout from the US will even affect “safeâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
Illegal immigration is costing American hospitals billions of...
04-27-2024, 07:55 PM in General Discussion