The US Housing Market and the Subprime Mortgage Crisis (B): Impact on the US Economy |
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ExcerptsThe Origins of the Subprime Mortgage Crisis
Effects of the Mortgage Crisis on the US EconomyAs the number of delinquencies and foreclosures increased, mortgage companies and other lenders began applying tighter standards for home loans. This made it difficult for individuals to get subprime and 'jumbo'mortgages. “You're seeing credit score requirements being increased. You're seeing documentation firming up. Fewer people will get loans and maybe rightly so,” said Bob Walters, chief economist with Quicken Loans...
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