Is your ZIP Code on the Blacklist?

Thursday, March 20th, 2008

Wow, this is a rough one - on MSNBC.com today, a story outlining new lender policies that are punishing people with OK credit and job history just because their neighbors took out a bad mortgage!

Check out the map - there are whole states that are on the blacklist!

 ”Just when consumers and the U.S. economy need banks to lend more freely, the mortgage industry is making it harder to borrow — even for those with good credit.

Mortgage insurers, whose backing is required for borrowers who can’t afford the traditional 20 percent down payment on a home, have already flagged nearly a quarter of the nation’s ZIP codes where they refuse to insure some home loans.”

Read the rest here…

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