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Saturday, July 11, 2009

Impossible to Get Mortgages

Today's New York Times reports on a dentist with a six figure income, a good credit score, and a hefty down payment. Since she only recently graduated from dental school, she can't supply two years worth of tax returns, so she can't get a mortgage.

In Dover, NH, a real estate investor who owns a gas station tried to buy a $301,000 house for his family with 10% down. He can't get a loan because he is self employed.

The Home Affordable Refinance Program was designed to help non-delinquent borrowers refinance mortgages held by Fannie Mae or Freddie Mac, and it was supposed to benefit 4 to 5 million families. To date, only 13,000 refinancing have taken place.

This is what happens when you try and run the entire economy and country from Washington.

The arrogance, and ignorance, in Washington continues to be amazing!!

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