Fed chairwomen Janet Yellen spoke today and as always she is so predictable.
Yellen: “Credit availability remains quite constrained for mortgages.” Those without pristine credit ratings find it quite difficult
Yellen: “housing “remains quite affordable”
I made my case recently here that tight lending is a myth. However, for years now, math, facts and data don’t matter to the tight lending crew.
Homes are so affordable that Americans are renting in mass as a response to the Fed’s affordable thesis.
This is happening at the lowest rate curve on 10’s since 1941-1945 time frame
Don’t the let data change your mind Mrs. Yellen
All Fed members should be mandated to take a residential lending course before they say lies to the American public.
My recent interview with bankers to explain in detail why the Fed and many others are spreading lies about tight lending standards.
Housing is about incomes, liquid assets, debt to income rations, and down payments not a fico score.
Logan Mohtashami is a senior loan officer at AMC Lending Group, which has been providing mortgage services for California residents since 1988