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Risky Mortgage Lending Practices in Norwalk, CA Gets New Regulations - Local Records Office

LOCAL RECORDS OFFICE - A mortgage loan, also referred to as simply a mortgage, is used either by purchasers of real property to raise funds to buy real estate; says, "Local Records Office" or alternatively by existing property owners to raise funds for any purpose, while putting a lien on the property being mortgaged.

The loan is "secured" on the borrower's property through a process known as mortgage origination.

Mortgage Loans Will Take 15-30 Years to Pay Back

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The 'Local Records Office' says, "During the last housing boom, anyone with a pulse could get a mortgage, but after the financial crisis, underwriting rules tightened significantly". As a result, current default rates on loans made in the last eight years are lower than historical norms.

At the same time, younger borrowers with high levels of student loan debt are being left out of the housing recovery, unable to qualify for a home loan. Duncan said a consumer's debt level is just one of many factors considered by lenders when underwriting a mortgage.

Risky Business in the Mortgage Department

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Many of these loans had interest rates that recently reset from low teaser levels to double digits; others carry prohibitive prepayment penalties that have made refinancing impossibly expensive, says, the Local Records Office, even before this month’s upheaval in the mortgage markets.

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The company Local Records Office in Norwalk, CA says, By looking at the different variables that factor into mortgage type and mortgage rates, the researchers found that race alone accounted for nearly all of the disparity in high-cost mortgage lending between whites and minorities.

They additionally find that while the discrepancies between whites and minorities varied in size around the country, they were present everywhere.

The Company "Local Records Office" Learns How These Scams and Fraud Companies Do It

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Among their recommendations for decreasing the racial inequities in the mortgage lending market, the researchers suggest focusing on the way lenders do business, specifically ending the division of major lenders’ subsidiaries into “prime” and “subprime” entities, which can unfairly channel minorities into riskier, more expensive loans for no good reason.

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