Stan Ross, chairman of the board of the University of Southern California Lusk Center for Real Estate in Los Angeles, says that homeowners who are denied a refinance are more likely to default on their loan or walk away, particularly if they have little or no home equity...
Pressure from government regulators has led many mortgage lenders to overcompensate and deny too many loans, says Ross. "It's almost like these lenders are shooting themselves in the foot.."
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