Sunday, February 8, 2009

Fannie Mae Will Loosen Rules; Drop Credit-Score Requirements Deja Vu All Over Again

Isn't this what helped create this mess in the first place?

Bloomberg reported:

Feb. 5 (Bloomberg) -- Fannie Mae, the mortgage-finance company under U.S. government control, will loosen rules for homeowners seeking to lower their loan payments by refinancing.

Fannie Mae will drop some credit-score requirements, reduce income-documentation standards and waive the need for appraisals in some cases, according to a notice yesterday to lenders posted on the Washington-based company’s Web site. The changes apply to loans that the company owns or guarantees.

(Hat tip forwhatitsworth/gatewaypundit)

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