Mortgage Default Rates Soar for Senior Citizens as Feds Loosen Mortgage Rules for Seniors

The Consumer Financial Protection Bureau (CFPB) is concerned about the rapidly increasing default rate on mortgages held by senior citizens.  A study done by the CFPB shows that the number of senior citizens with mortgage debt has increased, the amount of debt owed has increased, and default rates have risen. According to the CFPB since […]

Tougher Standards By Banks For Mortgage Approval Requires Credit Education

November 18, 2010 – Several years ago, the mortgage underwriting standards of banks were so liberal that nearly anyone could get an approval, regardless of income levels or credit scores.  The subsequent real estate crash and huge number of mortgage defaults since those easy lending days has resulted in much tougher underwriting standards. Many borrowers […]

One Third Of All Americans Unqualified For A Mortgage

August 24, 2010 – According to research from Deutsche Bank, the number of Americans with credit scores below 600 has increased to 26% from only 15% prior to the start of the recession.  Further examination of credit data reveals that 9% of all Americans have a credit score in the 600-649 range. Based on current […]