Seattle Times (06/11/08)
Mortgage lenders do not believe tighter underwriting standards will be as much of an impediment to a recovery in the real estate market as defaults, foreclosures and the surplus of available properties. Brian Kludt, a senior mortgage planner at Waterstone Mortgage in suburban Milwaukee, says, "Standards are one of a plethora of factors impacting the housing market;" and Brian Brady, a managing director at World Wide Credit, adds that further weakening in housing might only occur briefly as lending criteria is tightened. Fannie Mae has implemented new guidelines that tighten requirements and add fees, with hopes of stabilizing home prices and curtailing mortgage-related write-downs at banks. Prime mortgages following Fannie Mae and Freddie Mac guidelines are already rising in demand.
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