Is the Lending Industry Impeding Growth in the Housing Market?

by Chicago Agent

There appears to be skepticism and pessimism among agents regarding obtaining home loans and the lending industry itself, but as things slowly start to look up for the housing market, hopefully Fannie/Freddie will eventually ease up when it comes to loans.

“My concern is a large pool of the market has challenged credit and will effect their buying ability.” JAMES MURPHY, MURPHY GROUP

“We can look at the lenders as the “bad guys” and they did make HUGE mistakes. If the shoe were on the other foot and we had lost lots of money (loans) wouldn’t we be very careful? I think care is called for but not a super reactionary response.” MARCEE GAVULA,

“Mortgages are still very hard for even qualified buyers to obtain. Rules keep changing and the amount of documentation required has scared many buyers, especially the first time homebuyers.” TINA JOHNSON, PREMIERELIVINGPROPERTIES.COM

“They are closing the barn door after the horse got out. They would give a mortgage to anyone with a pulse now they want your first born. There has to be a middle ground.” ELIZABETH MUSCARE, ROONEY REALTY LTD

“[Lenders] are gun shy and overreacting a bit. However, prior to the lending debacle it was fairly tough to get a mortgage; you had to have a good job, good credit and prove it. People had to put 20% down…for a long time.” FRANK MITRICK, REAL TEK REALTY

“I think it’s a necessary correction.” TIM SMIEJEK, KOENIG & STREY

* The information above stemmed from responses to a Chicago Agent survey sent out to our readers FROM JAN. 6-12, 2011.

Copyright 2011 Agent Publishing LLC

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