“The loophole in the lending standards for this cycle appears to have been that home appraisals were either unable to accurately account for the outlandish price appreciation occurring in the market or were simply roundly ignored given the fact that borrowers came to the table with 20%-30% down-payments and had good credit histories,” the author writes.
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Here’s the loophole that makes the U.S. housing market more wobbly than it appears
- Living On Whidbey
- 07/6/22
