SAN DIEGO – Smaller lenders like credit unions increased their mortgage market share because they can take on more risk, Freddie Mac CEO Donald Layton said Monday at the Mortgage Bankers Association Annual Convention.
Big lenders are sensitive to headlines that reduce stock prices and threats of lawsuits, he said, so they aren't as aggressive when it comes to risk.
"The result is that borrowers are voting with their feet, going to other lenders, the independents, the smaller names, who will take advantage of the credit box more fully, who will not be gun shy," Layton said.
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