I'm still waiting for a house that I like/afford in Irvine. No it's not a 1 mil mansion and I'm not a flipper.
Since today Freddie posted the earning three times worse than Wall street expected, I was wondering about where the credit would come if this lending practice gets worse as Freddie and Fannie are failing miserably. Do we know what would happen if there is no money to borrow from these big institutions and investment banking? I assume the house price will drop rapidly and sales volume will diminish but even with 20, 30% down and 800 FICO, would I still be able to get finance somehow in the future? Would that money from actual sound banks, credit union or private individual with a lot higher interests?
Since today Freddie posted the earning three times worse than Wall street expected, I was wondering about where the credit would come if this lending practice gets worse as Freddie and Fannie are failing miserably. Do we know what would happen if there is no money to borrow from these big institutions and investment banking? I assume the house price will drop rapidly and sales volume will diminish but even with 20, 30% down and 800 FICO, would I still be able to get finance somehow in the future? Would that money from actual sound banks, credit union or private individual with a lot higher interests?
