Mortgage brokers giving up licenses or quitting due to housing crisis

The housing crisis that is hitting the U.S. is having a massive affect for mortgage brokers, many are giving up their licenses, some are just walking away and quitting. The reason for this is due to underwriting standards rising as home sales have fallen. Government-sponsored mortgages are now soaring, and all though this is a great opportunity for some, it spells disaster for many others.

In Minnesota alone, more than 50 mortgage brokers have now surrendered their license that is double the amount of last year. It seems that the new laws that make it tougher to be working in the business, is now having the desired affect that the government was hoping for. It seems that no matter where you turn, the credit-crisis will get a lot worse before it gets better, and it is not just the U.S. who is being affected, the UK is also seeing an a drop in house sales and a decrease in approved mortgages.

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