The Mortgage Crisis and the Feds Intervention By cutting the Discount Primary Rates
By Joel Silberstein Brooklyn NY Certified Mortgage Specialis
(The Silberstein Group - Brooklyn NY Mortgage Planning Team)
Hi Guys It seems that the mortgage meltdown is imminent and unavoidable. Reputable lenders closing right and left like Greenpoint who just announced that they will shut down their operation for new applications but keeping their commercial branch open.Another lender that shut its doors last week was First Magnus, a Great alt A Lender with great Products. What is sad about it is the way mortgage brokers and realtors on the front end are feeling the squeeze. Especially painful is when you already got your approval and it is scheduled to close in 24 hours and then you hear the lender is shutting their doors and will not honor their prior commitments.It seems almost like betrayal, a company going under and taking their profit with them and ignoring the poor borrowers and brokers who are des...
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