Mortgage Lending Mortgage Loans the Essay

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The 30-year provides simplicity and a sense of security for the buyer which an ARM with its potential for rate changes may not. For now the 30-year is here to stay as "Fannie, Freddie and other federal programs now support roughly 90% of new mortgage loans because lenders cannot raise money for mortgages that do not carry government guarantees" (Appelbaum, B. March 4, 2011. P.1). If the government does exit from its participation in the mortgage market the 30-year product may disappear altogether, and some say that would not be a bad idea. "One of the reasons that American housing finance is in such bad shape right now is the 30-year mortgage," he said, noting that such loans are not available in most countries. "For many people, it's not at all clear that that's the best product (Appelbaum, B. March 4, 2011.P.

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Whether the 30-year becomes a relic of the housing market or a continued staple is tied to the overall mortgage industry and its practices and development of products. The financial crisis highlighted serious regulatory deficiencies not only with mortgage giants such as Freddie and Fannie, but in the private sector with institutions such as Countrywide and Washington Mutual. Most of the issues regarding products and practices involved the collapse of rule based and responsible lending however, fraud was also a factor from the lowest level unscrupulous mortgage broker all the way up to the Wall Street Investment banks.

Fraud may in fact have played a substantial role, by deceiving the investors who ultimately purchased mortgage-backed securities. There's a pretty strong case that banks that.....

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