From RealTrends.com: A couple of solid reports this week on mortgages paint a picture of a market that’s healing, with loan access and demand rising.The Mortgage Bankers Association reported that its monthly gauge of mortgage-credit availability grew in July, rising for a third consecutive month. Even better: While recent readings have shown more access to jumbo mortgages — high-value loans typically reserved for well-heeled borrowers – there’s also been growth for loans insured by the Federal Housing Administration, which has relatively low requirements for down payments and credit histories.
Some of the most challenging post-bubble roadblocks to the housing market’s recovery have been the stiff credit standards erected in the wake of the financial crisis. Banks have paid out massive penalties for shoddy loans, and, not surprisingly, made it much tougher for borrowers to obtain residential mortgages, in the process cutting out many families whom economists say should be creditworthy.
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