Remember in 2008 when the economy blew up over toxic mortgages? Remember how Freddie and Fannie, the CountryWide and AIG and Wall Street and loan defaults and foreclosures and jobs were lost and it all pointed to a secret mission to allow anyone to buy a home without having any skin in the game? Remember?

Part Deux is here. Who wants to assume control of this as it will begin to fester after 2016? Will there be a different long-term result this time?

Mortgage Lenders Set to Relax Standards

Agreement With Fannie, Freddie Potentially Paves Way for More Applicants to Qualify for Loans

By Joe Light

Some of the largest U.S. mortgage lenders are preparing to further ease standards for borrowers after the release of new guidelines this month from mortgage giants Fannie Mae and Freddie Mac .

The new guidelines, to take full effect Dec. 1, resulted from an agreement in October meant to clarify when lenders would be penalized for making mistakes on mortgages they sell to Fannie and Freddie. Lenders have blamed the lack of clarity for tight credit conditions that have made it difficult for many consumers to qualify for a mortgage.

Relaxing the lending standards potentially could make it possible for hundreds of thousands of additional consumers to get mortgages. With different mortgages where you can view from places such as https://www.moneyexpert.com/mortgages/ consumers can have with the pick of what they want.

Some of the largest U.S. mortgage lenders are preparing to further ease standards for borrowers after the release of new guidelines this month from mortgage giants Fannie Mae and Freddie Mac .

The new guidelines, to take full effect Dec. 1, resulted from an agreement in October meant to clarify when lenders would be penalized for making mistakes on mortgages they sell to Fannie and Freddie. Lenders have blamed the lack of clarity for tight credit conditions that have made it difficult for many consumers to qualify for a mortgage.

Relaxing the lending standards potentially could make it possible for hundreds of thousands of additional consumers to get mortgages.

Laurie Goodman, director of the Housing Finance Policy Center at the Urban Institute, said the moves are “going to be big,” but she added that “it’s going to take time” to see the full impact of the changes.

The Urban Institute, a Washington think tank, earlier this year estimated that as many as 1.2 million additional home loans would be made annually if mortgage availability were at “normal” levels.

Some lenders, including Wells Fargo & Co. and SunTrust Banks Inc., said borrowers should begin to see initial changes in a few weeks, including faster turnaround times for mortgage applications to be processed.

Currently, it can take two months or longer between the time a consumer makes an application and the loan is made.

Laurie Goodman, director of the Housing Finance Policy Center at the Urban Institute, said the moves are “going to be big,” but she added that “it’s going to take time” to see the full impact of the changes.

The Urban Institute, a Washington think tank, earlier this year estimated that as many as 1.2 million additional home loans would be made annually if mortgage availability were at “normal” levels.

Some lenders, including Wells Fargo & Co. and SunTrust Banks Inc., said borrowers should begin to see initial changes in a few weeks, including faster turnaround times for mortgage applications to be processed.

Currently, it can take two months or longer between the time a consumer makes an application and the loan is made.