WASHINGTON — More than half of the nation's foreclosures last year took place in 35 counties, a sign that the financial crisis devastating the national economy may have begun with collapsing home loans in only a few corners of the country.
Those counties, spread over a dozen states, accounted for more than 1.5 million foreclosure actions last year, a USA TODAY analysis of figures compiled by the real estate listing firm RealtyTrac shows — more than were recorded in the entire United States just two years earlier. They were the epicenter of a wave of foreclosures that have left leading banks teetering and magnified the nation's economic problems.
GOOD NEWS: Foreclosures down 10%
"This crisis was triggered by foreclosures, and a lot of those were in a very small number of areas," says William Lucy, a University of Virginia professor who has studied the link between lenders and faltering home loans. Banks spread the risk and "it became like a car with no reverse gear. Once it starts to go over the cliff, it's gone."
In other parts of the country, the foreclosure wave was barely a ripple — at least until it started swamping major banks that had invested heavily in mortgages. Banking giant Wachovia Corp., for example, was hammered after California and Florida customers of one mortgage firm it bought began defaulting at high rates. The risks of such lending were spread so broadly among financial institutions that, when the loans went bad, it drove the national credit crisis, says Christopher Mayer, who studies real estate at Columbia Business School.
A few of the 35 counties leading the foreclosure boom are in already-distressed areas around Detroit and Cleveland. But most are clustered in places such as Southern California, Las Vegas, Phoenix, South Florida and Washington, where home values shot up dramatically in the first half of the decade, then began to crumble.
RealtyTrac's counts of foreclosure actions include default notices, auctions and repossessions by lenders, and can sometimes count the same property twice. As a result, they tend to be higher than estimates from other tracking firms. But they remain one of the best geographic measures of the nation's housing collapse.
The Obama administration on Wednesday detailed a $75 billion plan to keep more homeowners from slipping into foreclosure by helping them refinance loans or reduce their monthly payments. But that effort could face political challenges because most of the foreclosure problem has been so concentrated in a few areas, says Brookings Institution researcher Alan Mallach.
The worst-hit counties are home to about 20% of U.S. households, but accounted for just over 50% of the nation's foreclosure actions last year, driving most of the national increase. And even among those places, a few stand out: Eight counties in Arizona, California, Florida and Nevada were the source of about a quarter of the nation's foreclosures last year.
In more than 650 other counties — about a fifth of the nation — the number of foreclosure actions actually dropped since 2006.
Friday, March 6, 2009
Friday, February 6, 2009
Fannie Mae Approves up to ten properties per investor.
Multiple Mortgages to the Same Borrower and Reserve Requirements Changes
Fannie Mae has issued Announcement 09-02, Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170.
Multiple Mortgages to the Same Borrower
To help support housing recovery, we are introducing an expanded policy regarding multiple mortgages to the same borrower. Fannie Mae is committed to providing financing opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery and Fannie Mae’s continued support for investor borrowers is consistent with our mission to provide stability, liquidity, and affordability to the nation’s housing system.
To support prudent lending for housing investment, Fannie Mae is changing our current limit of four financed properties per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home. We will allow five to ten financed properties per borrower, with certain eligibility and underwriting requirements, including a 720 minimum credit score and 70–75% maximum LTV/CLTV/HCLTV (depending on the transaction and property type). The requirements apply to any investment property or second home loan being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower’s other mortgages.
Second home and investment property loans to borrowers with five to ten financed properties will be accepted for whole loan purchase or delivery into MBS with purchase dates on or after March 1, 2009, and new Special Feature Code 150 will be required at delivery.
Desktop Underwriter® (DU®) will be updated in the DU Version 7.1 April Update release to issue a message on all second home and investment property transactions reminding lenders of the requirements for borrowers with multiple financed properties. A Supplement to the Release Notes for the April update has been issued to provide details (link below).
Reserves Definition and Policy Requirements
We also are updating our definition of liquid financial reserves to include all components of the monthly housing expense – which will now be known as PITIA – including homeowners’ association dues, special assessments, ground rents, and subordinate financing payments.
For loans on second homes and borrowers with multiple financed properties, we are implementing new reserve requirements (refer to Announcement 09-02 for details).
Assignment of Rents
Investment property borrowers are required to execute a Multistate 1–4 Family Rider (Assignment of Rents) (Form 3170, or 3170.53 for Puerto Rico) to authorize transfer of rental revenues to the lender. We are reiterating this existing requirement, and have updated the Summary documents for the Riders to delete the requirement for rent loss insurance.
Fannie Mae has issued Announcement 09-02, Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170.
Multiple Mortgages to the Same Borrower
To help support housing recovery, we are introducing an expanded policy regarding multiple mortgages to the same borrower. Fannie Mae is committed to providing financing opportunities for high-credit quality, bona fide investors. Experienced investors play a key role in the housing recovery and Fannie Mae’s continued support for investor borrowers is consistent with our mission to provide stability, liquidity, and affordability to the nation’s housing system.
To support prudent lending for housing investment, Fannie Mae is changing our current limit of four financed properties per borrower when the mortgage being delivered to Fannie Mae is secured by an investment property or second home. We will allow five to ten financed properties per borrower, with certain eligibility and underwriting requirements, including a 720 minimum credit score and 70–75% maximum LTV/CLTV/HCLTV (depending on the transaction and property type). The requirements apply to any investment property or second home loan being delivered to Fannie Mae, regardless of whether Fannie Mae is the investor on the borrower’s other mortgages.
Second home and investment property loans to borrowers with five to ten financed properties will be accepted for whole loan purchase or delivery into MBS with purchase dates on or after March 1, 2009, and new Special Feature Code 150 will be required at delivery.
Desktop Underwriter® (DU®) will be updated in the DU Version 7.1 April Update release to issue a message on all second home and investment property transactions reminding lenders of the requirements for borrowers with multiple financed properties. A Supplement to the Release Notes for the April update has been issued to provide details (link below).
Reserves Definition and Policy Requirements
We also are updating our definition of liquid financial reserves to include all components of the monthly housing expense – which will now be known as PITIA – including homeowners’ association dues, special assessments, ground rents, and subordinate financing payments.
For loans on second homes and borrowers with multiple financed properties, we are implementing new reserve requirements (refer to Announcement 09-02 for details).
Assignment of Rents
Investment property borrowers are required to execute a Multistate 1–4 Family Rider (Assignment of Rents) (Form 3170, or 3170.53 for Puerto Rico) to authorize transfer of rental revenues to the lender. We are reiterating this existing requirement, and have updated the Summary documents for the Riders to delete the requirement for rent loss insurance.
Thursday, February 5, 2009
Senate OKs $15,000 tax break for homebuyers
Senate OKs $15,000 tax break for homebuyers
By DAVID ESPO – 17 hours ago
WASHINGTON (AP) — The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama's recovery plan.
The tax break was adopted without dissent, and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider scaling back spending.
"Let's not make the perfect the enemy of the essential," Obama said as Senate Republicans stepped up their criticism of the bill's spending and pressed for additional tax cuts and relief for homeowners. He warned that failure to act quickly "will turn crisis into a catastrophe and guarantee a longer recession."
Democratic leaders have pledged to have legislation ready for Obama's signature by the end of next week, and they concede privately they will have to accept some spending reductions along the way.
Sen. Johnny Isakson, R-Ga., who advanced the homebuyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.
The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.
Isakson's office said the proposal would cost the government an estimated $19 billion.
Democrats readily agreed to the proposal, although it may be changed or even deleted as the stimulus measure makes its way through Congress over the next 10 days or so.
"This bill needs to be cut down," Republican Mitch McConnell of Kentucky said on the Senate floor. He cited $524 million for a State Department program that he said envisions creating 388 jobs. "That comes to $1.35 million per job," he added.
Republicans readied numerous attempts to reduce the cost of the $900 billion measure, which includes tax cuts and new spending designed to ignite recovery from the worst economic crisis since the Great Depression.
But after days of absorbing rhetorical attacks, Obama and Senate Democrats mounted a counteroffensive against Republicans who say tax cuts alone can cure the economy.
Obama said the criticisms he has heard "echo the very same failed economic theories that led us into this crisis in the first place, the notion that tax cuts alone will solve all our problems."
"I reject those theories and so did the American people when they went to the polls in November and voted resoundingly for change," said the president, who was elected with an Electoral College landslide last fall and enjoys high public approval ratings at the outset of his term.
Obama did not mention any Republicans by name, and most have signaled their support for varying amounts of new spending.
Even so, the president repeated his retort word for word in late afternoon, yet softened the partisan impact of his comments by meeting at the White House with senators often willing to cross party lines.
His first visitor was Sen. Olympia Snowe, R-Maine, a moderate GOP lawmaker. Later he met with Sens. Susan Collins, R-Maine, and Ben Nelson, D-Neb.
"I gave him a list of provisions" for possible deletion from the bill, Collins told reporters outside the White House. Among them were $8 billion to upgrade facilities and information technology at the State Department and funds for combatting a possible outbreak of pandemic flu and promoting cyber-security. The latter two items, she said, are "near and dear to her," but belong in routine legislation and not an economic stimulus measure.
Collins and Nelson have been working on a list of possible spending cuts totaling roughly $50 billion, although they have yet to make details public.
The House approved its own version of the stimulus bill last week on a party line vote, but the political environment in the Senate is far different.
Democrats hold a comfortable 58-41 majority. But because the legislation would increase the federal deficit, any lawmaker can insist that 60 votes be required to add to its cost.
While the 60-vote threshold can impose a check on Democrats, it can also illuminate the cross-pressures at work on Republicans.
A Democratic attempt on Tuesday to add $25 billion for public works projects failed when it gained only 58 votes, two short of the total needed. But a few hours later, a proposed $11 billion tax break for new car buyers attracted 72 votes, including several from Republicans.__
Associated Press writers Jennifer Loven and Andrew Taylor contributed to this story.
(This version CORR ECTS the estimated cost of the homebuyer tax break to $19 billion, not $19 million
By DAVID ESPO – 17 hours ago
WASHINGTON (AP) — The Senate voted Wednesday night to give a tax break of up to $15,000 to homebuyers in hopes of revitalizing the housing industry, a victory for Republicans eager to leave their mark on a mammoth economic stimulus bill at the heart of President Barack Obama's recovery plan.
The tax break was adopted without dissent, and came on a day in which Obama pushed back pointedly against Republican critics of the legislation even as he reached across party lines to consider scaling back spending.
"Let's not make the perfect the enemy of the essential," Obama said as Senate Republicans stepped up their criticism of the bill's spending and pressed for additional tax cuts and relief for homeowners. He warned that failure to act quickly "will turn crisis into a catastrophe and guarantee a longer recession."
Democratic leaders have pledged to have legislation ready for Obama's signature by the end of next week, and they concede privately they will have to accept some spending reductions along the way.
Sen. Johnny Isakson, R-Ga., who advanced the homebuyers tax break, said it was intended to help revive the housing industry, which has virtually collapsed in the wake of a credit crisis that began last fall.
The proposal would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit. Current law provides for a $7,500 tax break for the purchase of new homes only.
Isakson's office said the proposal would cost the government an estimated $19 billion.
Democrats readily agreed to the proposal, although it may be changed or even deleted as the stimulus measure makes its way through Congress over the next 10 days or so.
"This bill needs to be cut down," Republican Mitch McConnell of Kentucky said on the Senate floor. He cited $524 million for a State Department program that he said envisions creating 388 jobs. "That comes to $1.35 million per job," he added.
Republicans readied numerous attempts to reduce the cost of the $900 billion measure, which includes tax cuts and new spending designed to ignite recovery from the worst economic crisis since the Great Depression.
But after days of absorbing rhetorical attacks, Obama and Senate Democrats mounted a counteroffensive against Republicans who say tax cuts alone can cure the economy.
Obama said the criticisms he has heard "echo the very same failed economic theories that led us into this crisis in the first place, the notion that tax cuts alone will solve all our problems."
"I reject those theories and so did the American people when they went to the polls in November and voted resoundingly for change," said the president, who was elected with an Electoral College landslide last fall and enjoys high public approval ratings at the outset of his term.
Obama did not mention any Republicans by name, and most have signaled their support for varying amounts of new spending.
Even so, the president repeated his retort word for word in late afternoon, yet softened the partisan impact of his comments by meeting at the White House with senators often willing to cross party lines.
His first visitor was Sen. Olympia Snowe, R-Maine, a moderate GOP lawmaker. Later he met with Sens. Susan Collins, R-Maine, and Ben Nelson, D-Neb.
"I gave him a list of provisions" for possible deletion from the bill, Collins told reporters outside the White House. Among them were $8 billion to upgrade facilities and information technology at the State Department and funds for combatting a possible outbreak of pandemic flu and promoting cyber-security. The latter two items, she said, are "near and dear to her," but belong in routine legislation and not an economic stimulus measure.
Collins and Nelson have been working on a list of possible spending cuts totaling roughly $50 billion, although they have yet to make details public.
The House approved its own version of the stimulus bill last week on a party line vote, but the political environment in the Senate is far different.
Democrats hold a comfortable 58-41 majority. But because the legislation would increase the federal deficit, any lawmaker can insist that 60 votes be required to add to its cost.
While the 60-vote threshold can impose a check on Democrats, it can also illuminate the cross-pressures at work on Republicans.
A Democratic attempt on Tuesday to add $25 billion for public works projects failed when it gained only 58 votes, two short of the total needed. But a few hours later, a proposed $11 billion tax break for new car buyers attracted 72 votes, including several from Republicans.__
Associated Press writers Jennifer Loven and Andrew Taylor contributed to this story.
(This version CORR ECTS the estimated cost of the homebuyer tax break to $19 billion, not $19 million
Monday, January 19, 2009
Auburn 8 plex Apartment building for 310k!!
A VESTUS investor bought this 8 plex for 310,000 on Friday! We were able to get it for a dollar over the minimum bid.
With 8 units + a common area for laundry, they are set to have a positive cash flow.
These deals are out there, you just need to be prepared!
Sunday, January 4, 2009
Yes you can buy positive cash flow rentals at auction.
Here is great example of a positive cash flow rental purchased last friday at the King County auction.
Our investor bought a duplex for 173,000
Here is how the numbers break down:
30 year fixed mortgage 1078.00 per month (did you know you can get this loan with no money down- OAC)
Taxes 227.00
Insurance 45.00
Rents 850.00 and 800.00 (duplex)
Gross profit per month 300.00
This is just one example of the many fantastic deals we see every week!
Now is the time to buy when most people are not!
Not sure how to start? Come to one of our free workshops every Tuesday at 4:30.
or feel free to call us at 206.618.5319 for more information.
Our investor bought a duplex for 173,000
Here is how the numbers break down:
30 year fixed mortgage 1078.00 per month (did you know you can get this loan with no money down- OAC)
Taxes 227.00
Insurance 45.00
Rents 850.00 and 800.00 (duplex)
Gross profit per month 300.00
This is just one example of the many fantastic deals we see every week!
Now is the time to buy when most people are not!
Not sure how to start? Come to one of our free workshops every Tuesday at 4:30.
or feel free to call us at 206.618.5319 for more information.
Wednesday, December 24, 2008
Real-estate markets most likely to rebound
Real-estate markets most likely to rebound
Real-estate markets most likely to rebound From Forbes Magazine this week.If you're a homeowner seeing property values plummet, look to the commercial real-estate market for solace. It might tell you which areas will recover fastest — and which will likely remain weak.The Urban Land Institute recently asked 700 real-estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, real-estate agents and real-estate investment trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars and don't have a glut of condos or office space.Top of FormBottom of FormThese traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent).Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, at the Urban Land Institute. "It's going to be in a good position to come back."The city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, but Boeing and Microsoft are still strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true of retail space.San Francisco comes in second, with a 6.12. The “City by the Bay” learned from the 2001 tech crash not to overbuild. There is a reasonable supply of office and apartment space, which should limit vacancies. San Francisco's port is also expected to help the city during the downturn as Americans continue to rely on Asian imports.Washington, D.C., New York and Los Angeles round out the top five.Of course, there's no guarantee that an improved commercial market will lead to an improved home market. However, investors have a better chance of seeing home prices rise in fundamentally strong markets like Seattle than in struggling cities like Detroit.It landed at the bottom of the list, scoring a 2.24. Detroit has been reliant on the car industry, which is rapidly shrinking. Other businesses are unlikely to fill the void in the next few years, which means the city will be hit hard by further economic struggles.Top of FormBottom of FormNew Orleans also lands near the bottom with a score of 3.33. The city has been losing businesses to Houston, Dallas and Atlanta since Hurricane Katrina hit in 2005.The other cities at the bottom of the list — Columbus, Ohio; Milwaukee, Wis.; and Cleveland — suffer from dying industries and lack of tourist appeal.Recent attempts to turn downtown Milwaukee into a thriving 24-hour city haven't been enough to protect it from the coming downturn. Increasingly picky investors are expected to favor higher-quality port cities over Midwest towns.And while Columbus has the potential to become a major shipping hub for goods traveling cross-country, that revitalization may have to wait for a stronger economy and a government focused on improving the nation's roads. For now, prospects are dim.Top 5 cities most likely to rebound1. Seattle2. San Francisco3. Washington, D.C.4. New York5. Los Angeles
Real-estate markets most likely to rebound From Forbes Magazine this week.If you're a homeowner seeing property values plummet, look to the commercial real-estate market for solace. It might tell you which areas will recover fastest — and which will likely remain weak.The Urban Land Institute recently asked 700 real-estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, real-estate agents and real-estate investment trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars and don't have a glut of condos or office space.Top of FormBottom of FormThese traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent).Seattle is "a diversified market, has a good base of business and is becoming a 24-hour city," says Stephen Blank, senior resident fellow, finance, at the Urban Land Institute. "It's going to be in a good position to come back."The city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, but Boeing and Microsoft are still strong. Apartment vacancies are low and there aren't too many new buildings going up, meaning the market won't be oversupplied. The same is true of retail space.San Francisco comes in second, with a 6.12. The “City by the Bay” learned from the 2001 tech crash not to overbuild. There is a reasonable supply of office and apartment space, which should limit vacancies. San Francisco's port is also expected to help the city during the downturn as Americans continue to rely on Asian imports.Washington, D.C., New York and Los Angeles round out the top five.Of course, there's no guarantee that an improved commercial market will lead to an improved home market. However, investors have a better chance of seeing home prices rise in fundamentally strong markets like Seattle than in struggling cities like Detroit.It landed at the bottom of the list, scoring a 2.24. Detroit has been reliant on the car industry, which is rapidly shrinking. Other businesses are unlikely to fill the void in the next few years, which means the city will be hit hard by further economic struggles.Top of FormBottom of FormNew Orleans also lands near the bottom with a score of 3.33. The city has been losing businesses to Houston, Dallas and Atlanta since Hurricane Katrina hit in 2005.The other cities at the bottom of the list — Columbus, Ohio; Milwaukee, Wis.; and Cleveland — suffer from dying industries and lack of tourist appeal.Recent attempts to turn downtown Milwaukee into a thriving 24-hour city haven't been enough to protect it from the coming downturn. Increasingly picky investors are expected to favor higher-quality port cities over Midwest towns.And while Columbus has the potential to become a major shipping hub for goods traveling cross-country, that revitalization may have to wait for a stronger economy and a government focused on improving the nation's roads. For now, prospects are dim.Top 5 cities most likely to rebound1. Seattle2. San Francisco3. Washington, D.C.4. New York5. Los Angeles
Home prices may rise on mortgage refinancing boom
Home prices may rise on mortgage refinancing boom
Wednesday December 24, 2008, 11:05 am EST
Yahoo! Buzz
Print
(Reuters) - Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase.
"It is quite likely that the country is about to enter a new mortgage refinance boom," the Ladenburg Thalmann analyst wrote in a note to clients.
"The Treasury and the Federal Reserve have created an environment which makes this development almost impossible to avoid," Bove said.
The take over of Fannie Mae (Pacific:FNM - News) and Freddie Mac (Pacific:FRE - News) in September, as well as Fed's plan last month to buy up to $600 billion in "agency" securities issued by Fannie, Freddie, Ginnie Mae and the Federal Home Loan Bank system have had "dramatic results," Bove said.
Mortgage rates have begun to tumble, while mortgage applications are picking up, he said. Banks are also rehiring the mortgage loan personnel they recently fired, Bove added.
On Wednesday, data from an industry group showed that U.S. mortgage applications had surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance after government interventions that helped push interest rates down to record lows.
The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.
The MBA counts all applications in its survey, even those that are ultimately rejected, and it does not account for multiple applications, which has become increasingly common due to significantly tighter lending standards.
(Reporting by Tenzin
Wednesday December 24, 2008, 11:05 am EST
Yahoo! Buzz
(Reuters) - Veteran banking analyst Richard Bove said he expects housing prices in the United States to stabilize and/or rise after a likely boom in mortgage refinance, as mortgage rates fall and loan applications increase.
"It is quite likely that the country is about to enter a new mortgage refinance boom," the Ladenburg Thalmann analyst wrote in a note to clients.
"The Treasury and the Federal Reserve have created an environment which makes this development almost impossible to avoid," Bove said.
The take over of Fannie Mae (Pacific:FNM - News) and Freddie Mac (Pacific:FRE - News) in September, as well as Fed's plan last month to buy up to $600 billion in "agency" securities issued by Fannie, Freddie, Ginnie Mae and the Federal Home Loan Bank system have had "dramatic results," Bove said.
Mortgage rates have begun to tumble, while mortgage applications are picking up, he said. Banks are also rehiring the mortgage loan personnel they recently fired, Bove added.
On Wednesday, data from an industry group showed that U.S. mortgage applications had surged to the highest level in over five years in the latest week, as potential borrowers came out in droves to refinance after government interventions that helped push interest rates down to record lows.
The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 19 soared 48.0 percent to 1,245.4, the highest reading since the week ended July 18, 2003, when it reached 1,284.3.
The MBA counts all applications in its survey, even those that are ultimately rejected, and it does not account for multiple applications, which has become increasingly common due to significantly tighter lending standards.
(Reporting by Tenzin
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