Some banks making it easier to get a mortgage.

As we’ve been reporting, the housing market is softening. In response, some banks are loosening their standards for mortgage loans.

A survey by the Federal Reserve Bank found that 11% of banks responding said that they had lowered their credit standards in the last three months. Only 2% had tightened them.

This is despite the fact that mortgage payments are getting less timely. Late payments are rising.

Many banks create new and creative mortgage types to bring in new business, read about how
Types of Mortgages are Multiplying like Rabbits

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