Put Mortgages On The Endagnered Species List

How it is right now: This family was chosen to be able to buy a new condo in Orange County, and the developers made a big deal out if it, with publicity shots and press releases touting how, yes, people CAN buy houses in these tring times. But now the couple has had to back out of the deal. Why? Because they couldn't get financing. They were pre-approved for an FHA loan, but the wife's employment went from salaried to independent contractor, and that was reason enough for the bank to pull the loan. And nobody else would lend them the money. No matter that they were good for it, the banks just don't want to make any loans. And until they do, things will continue to suck.

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