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Commercial Lending and Commercial Lenders 877-334-0210

St Louis Mortgage and Real Estate News –

St Louis Finance and Lending News: Rural Defaults On The Rise
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Loan Compliance Advocate

 Seeking to buoy a strained rural economy in the midst of the recession, the then-Democrat dominated Congress ordered up a huge increase in federal mortgage guarantees for small-town home buyers as part of the 2009 economic stimulus package according to several economists including St Louis home loans experts.

A newly released audit has found that the rural home loan program, administered by the United States

Department of Agriculture (USDA), was plagued by lax government oversight and many of the same sloppy banking practices that fed the broader mortgage debacle.

Although the auditors looked at only a tiny sample of the 133,053 loan guarantees made in 2009, they estimated that tens of thousands might have been done improperly and warned that a wave of defaults might be looming.

Analysts said the problems echoed those exposed earlier in the mortgage crisis, with banks seemingly eager to collect fees for loans in which they retained little or no risk.

The audit estimated that more than 10 percent of the loans made possible through the program might have been to borrowers who were not eligible because they did not meet the minimum financial requirements and might not have had the means to pay them back.

In many instances, lenders improperly calculated income figures for borrowers.

The audit, released last week by the office of the USDA inspector general, Phyllis K. Fong, also found that USDA officials failed to detect the errors.

The report did not say whether any lenders appeared to have intentionally skirted the rules.

“In a couple years, when these loans are going bad, everybody’s going to say, ‘Oh me, oh my, how did this happen?’ ” said Christopher Whalen, managing director of Institutional Risk Analytics, a bank rating and consulting firm.

“There’s no surprises here.”

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When applying for any type of St Louis mortgage or refinancing, call Liberty Lending Consultants, the recognized St Louis home loan and refinancing experts, at (314) 336-9111 and ask for Steve Swan or Doug Stahlschmidt.

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