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Yes! All these “junk” mortgage products inflated the house maket.
1. As house market cools down, 30 lenders have now gone kaput: http://www.mortgageimplode.com/
2. Federal Regulators Call on Lenders to Use Caution in Subprime Mortgages: http://biz.yahoo.com/ap/070303/regulators_subprime_lending.html?.v=2
Poeple with bad credit & “zero” down can’t qualify loan anymore. The house demand will even drop more! Meanwhile, tons of foreclosed houses will flood the house market. We will witness the housing market to crash soon.
