U.S. Bank mortgage chief sees tough conditions ahead for industry

  • Article by: Adam Belz , Star Tribune
  • Updated: September 11, 2013 - 7:40 AM

Loan volume is sliding amid rising rates and tighter lending standards, a U.S. Bank official said.

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pommerSep. 11, 13 1:12 PM

Wow, 4.7% interest rates are scaring off potential buyers!? Remember when interest rates were double-digit figures? Rather than comparing regulations and sales to our “irrational exuberance” era, I’d love to see articles about how sales and regulations NOW compare to the early 2000s or before people without any income or down payments could buy homes. Making comparisons to a time when ANYONE could buy a home is not helpful. Nor is the idea that EVERYONE should own a home. Let's get real!

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jd55604Sep. 11, 13 2:51 PM

Considering that rates shot up 3.6% to 4.7% in less than 2 months even with the Fed's continued $85 billion/month in stimulus; people should be concerned. The Fed has now lost control of their ability to keep rates artificially low. They have no more tricks up their sleeves. If the government has no tools available to keep mortgage rates at 4% why would anyone assume that they can be maintained at 6%, 10% or even 12%?

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supervanSep. 12, 13 7:34 AM

A 1% increase in interest rates only makes about $100 per month difference on a $200k 30 year mortgage. If you're cutting it that close maybe you should be looking at a less expensive house. There's plenty out there.

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rlwr51Sep. 12, 13 1:24 PM

Is he saying that there aren't that many chickens left to pluck?

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sek2undrstndSep. 12, 13 3:12 PM

Not a good sign when the mortgage chief of one of the big banks is calling for regulators to loosen the regulations. By the way, I would like to know how many recent home purchases have required 20% down. Both of my children were able to purchase their homes with less than 5% down.

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mylittleidSep. 12, 13 4:41 PM

"Not a good sign when the mortgage chief of one of the big banks is calling for regulators to loosen the regulations". --- Have you ever heard of a mortgage banker asking for tightened regulations?? The only thing this is a sign of is the chronic desire by bankers to do whatever they want unfettered by pesky laws.

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