Bill on Marketing

We understand from a number of our lenders, effective today borrowers with a FICO score less than 680 will not be able to get mortgage insurance. This means if their FICO score is less than 680 they will most likely have to put 20% down. Along with the new presale guidelines for condos (70%), these credit moves will have a big impact on our industry. However, before we start running to the government for some sort of relief (our industry’s normal response to something that doesn’t immediately benefit us), what’s wrong with homebuyers and borrowers actually having a real down payment and/or excellent credit? Comments?

La'Cee Lets Loose

After a bit of a surge in March and April, sales seem to have slowed down a bit in May and June. Lawrence Kudlow, however, is defending the recovery and has a number of charts to show it. (www.kudlow.com). His summary paragraph reads as follows: “Right now we’ve got an upward-sloping yield curve, narrowing credit spreads in every corner and crevice in the credit market, corporate bond rates and spreads coming down - - these are all recovery signs.”

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