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Sunday, March 28, 2010

Rates Rising?

On Friday, the Obama administration announced a plan requiring lenders to temporarily slash or eliminate monthly mortgage payments for unemployed borrowers. The administration said costs would be shared between the private sector and the federal government. The intentions might be good, but if the plan is implemented, costs to lenders are likely to increase. Increased costs are invariably passed on to borrowers through higher rates or more stringent underwriting guidelines.

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