What’s the difference between the federal government and the mafia?  One of them is organized.

Last Friday Countrywide changed their conforming Fast & Easy, limiting it to 90% LTV and 80% CLTV where subordinate financing is used, and entirely eliminated their Equity Programs and House America program.
Last week California’s Attorney General shut down four mortgage lenders for providing what he characterized as “illegal and unconscionable loans”: Lifetime Financial, Nations Mortgage, Greenleaf Lending, Virtual Escrow, Olympic Escrow and Direct Credit Solutions were shuttered for engaging in what Brown characterized as a “complex scheme” of bait and switch.
If you want to sell a super-sized FHA loan to Wells, Purchase, Rate-term refinance, and cash out refinance with loan amounts $417,001 - $650,000 will need a FICO score of 660, and for Purchase, Rate-term refinance, and cash out refinance with loan amounts above $650k you’ll need a 680. They’re limiting their LTV’s for Purchase and Rate-term refinances at 98.75%, but Cash-out refinances at 85%. No Down Payment Assistance Programs are allowed, and a 5% reduction to LTV/CLTV in any market identified as declining by Wells Fargo or the appraiser.
Effective Marc