Friends, this is the most volatile time I have seen in the mortgage industry since the Fall of 1998.  With defaults and foreclosures accelerating at an alarming rate, many Sub-Prime lenders are changing underwriting guidelines almost on a daily basis.  Some Sub-Prime Lenders are actually going out of business and more look to follow.  The conforming mortgage markets as well as the non-conforming markets are also being affected.  Look for tighter guidelines and stricter underwriting.

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