Mortgage Lending Implosion

Can you believe that 156 lenders have gone out of business since late 2006? They were funding risky loans that homeowners just couldn't afford to pay back. This emphasizes why you need to work with a reputable lender if you are thinking about buying a home. Make sure you speak with lenders who have been in business for a long time and who your Realtor recommends. All lenders offer very similar rates, so if you are quoted something that seems to be too good to be true, it probably is. To see a watch list where you can see which lenders are at risk of going out of business go to www.ml-implode.com.