It's been said "If you think you can or if you think you can't, either way, you're right." All hands on deck and brace for impact; we're just at the beginning of this bank failure stuff, but, nobody listens. Pretty soon, we'll be so over-imprinted with headlines, information, conversations and media blasts that we'll just tune it out and become complacent(er)...if that's possible. For over a year, I've been screaming "Take Action Now"...and now what can you do? Your choices are narrowing, the lenders are tightening, the water is frightening. Mortgage Brokers still have the most flexible options by representing the remaining lenders on the Wholesale level. I happen to know a mortgage broker who can help you out! Pat Townsley, Broker. 415-485-1776. www.ptre.net

Pop goes the Mortgage Industry: Washington Mutual

WaMu just announced that they're tightening up the guidelines even more. As if it wasn't hard enough to do business today and get a loan, they've change the majority of their "stated" core products to require both 720 FICO score AND 50% Loan To Value max. That means: 50% DOWN PAYMENT. So, what WaMu is saying this week: We don't want any business. Any lender can cherry pick at Full Doc conforming loan....they're a dime a dozen. WaMu, like other lenders, is effectively pulling out of wholesale lending. That's one broker's opinion. I'm usually right. Where will you go for your next loan? How about http://www.ptre.net/, Pat Townsley, Broker.