Until 2006, anybody in the US who could breathe could get a loan for buying a house. Many people took advantage of the situation and created the foreclosure mess that is still affecting the overall national economy as well as producing international repercussions. The deregulation that consented to bring the real estate exchanges to level nobody ever dreamed possibly, was not correctly policed, they say, and therefore a confusion resulted that will have consequences still for a long time.
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The people who made dishonest or incompetent deals then have mostly disappeared so now it is up to the State to regulate the situation and bring it back under control, but every time you introduce a “solution” to a problem that comes from people that are not directly familiar with the problem you end up having a bigger problem, and this is what is apparently going to happen with residential loans starting as of January 2010.
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