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Just a few short years ago, getting a loan for everything from homes to cars was a comparatively easy process. That’s changed a bit and especially when it comes to mortgages, hasn’t it?
So, what happened? The subprime lending market died a sudden death in 2007 due to high default rates leading to foreclosures and financial chaos. Banks responded by tightening lending standards on most consumer loans.
The impact of those new measures — some taken by the industry and some put in place by government regulations — is that a high …