The U.S. Bureau of Economic Analysis (BEA) released their first estimate of the fourth quarter 2013 Gross Domestic Product today. The estimate indicates that the economy grew 3.2 percent in 4th quarter. This followed a 4.1 percent growth rate in quarter 3 which followed a 2.5 percent growth rate in quarter 2. The growth in… Read more

Declining underwriting standards for mortgage loans played a major role in the housing boom and bust that culminated in the financial crisis of 2007-2009.  During the housing boom in the years preceding the crisis, housing prices were rising rapidly and nearly all loans, irrespective of underwriting standards, performed well.  In part due to this strong… Read more