Lender after lender has been telling her, “Nope. We want 45% down.”
Awesome, that says that they expect that it is at least possible that the property will decline $450K in value. Sounds like they may be planning on carrying this mortgage instead of securitizing it. If we can avoid the government bailouts and put an end to the securitization so that banks have to carry these loans we will see normal prices return. Otherwise it’s just gonna keep on going — until it can’t any more…
