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The economic recession and corresponding real estate market crisis have caused credit unions and other lenders to dramatically tighten their mortgage underwriting standards in order to protect their business and stay afloat in these tough times.

Yet while their actions are helping to control risk and losses, they are also making the recovery even harder for borrowers. Many consumers, even ones with high credit scores, can’t secure new mortgages. As a result, housing supply in the marketplace today continues to considerably outweigh demand, and the real estate market and macro economy haven’t been able to rebound to normal, stable levels.

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Peter Westerman

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Credit Union Times

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