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Countrywide announced to its sellers late last night of the following changes:
Due to the continued deterioration in liquidity and performance on high LTV/CLTV loans, effective tomorrow we are making the subprime guideline changes outlined below:
Full Doc: All LTV/CLTVs greater than 95% have been eliminated from our Full Doc program.
Now anyone who does not qualify under prime guidelines will no longer be able to borrow 100% of their property value from Countrywide. I suspect this will have implications on home prices as subprime borrowers will need to bring cash to the table or rely on seller-concessions to complete purchase transactions.
Last 3 posts by Morgan
- Subprime Bananas - June 28th, 2009
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