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Essay / Research Paper Abstract
A 6 page paper describing research into the current mortgage market. Following the meltdown of the subprime mortgage market in 2007, by early 2008 inventory is up and prices are down. In many areas of the country it appears that the housing market has hit bottom and now is poised to rebound. There is one major hurdle, however: it is increasingly difficult for those with good credit and solid income to gain a traditional mortgage. The object of the research effort is to discover underlying reasons for higher default rates associated with lower credit scores. Bibliography lists 5 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSresMort.rtf
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Unformatted sample text from the term paper:
prices are down. In many areas of the country it appears that the housing market has hit bottom and now is poised to rebound. There is one major
hurdle, however: it is increasingly difficult for those with good credit and solid income to gain a traditional mortgage (Luhby, 2008). Current Situation
Coy and Miller (2004) sounded a warning several years ago: "Heavy mortgage borrowing since 2000 has enabled the housing market to dodge an iron law: House prices cant
perpetually rise faster than incomes. For the past four years, they have" (p. 35). As is the case with the development of any bubble, the longer it persists
the more likely the end is close. Clearly in 2008, the end has arrived. Downturn in the housing market appears to have
greater negative effect on the larger economy than does downturn in other key indicator areas of the economy. Coy and Miller (2004) explain that, when compared to a decline
in the stock market or manufacturing, as example, a downturn in housing leads people to feel less wealthy and become more cautious about spending in general. One economist believes
"that a decline in housing wealth dampens consumer spending at least twice as much as a same-sized loss in the stock market" (Coy and Miller, 2004; p. 35). Mortgage-writing
in subprime and jumbo markets virtually vanished during the summer of 2007, but in recent months the aura of gloom has extended to the traditional mortgage market (Luhby, 2008).
Until rather recently, consumers were not privy to their credit scores, most notably that derived using the complex formula of Fair, Isaac and Company
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