MGIC will stop issuing policies on expanded-criteria A-minus loans, according to a bulletin issued to lenders Thursday. Reduced-documentation Alt-A loans, investment properties and cashout refinances were also cut from eligible programs. The changes are effective June 1 and supersede existing lender rate plans, underwriting exceptions and program approvals, MGIC said.
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Welcome to Mortgage-Lending-News.Com. The United States Mortgage Industry is at a crossroads. Hundreds of billions in loans and real estate valuations have been lost due to the sub-prime mortgage crisis. Even worse, billions more are at risk during the first half of 2008, as even more adjustable rate mortgages reset their rates. Hardly a day goes by that we don't hear of a foreclosure crisis in the news. Quite simply, there is too much news for us to keep up with, so we built this Mortgage site, initially as a means for us to internally follow what is going on in the mortgage industry. Now, we are sharing it with you.
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