8.14.2007

Closing the barn door after the horse is gone

Months after discovering that making no-doc, cash-back, inflated-appraisal loans to unemployed 24-year-olds might be a bad idea, Countrywide tightens lending standards.

How tight? Well, not so tight. Borrowers in the three worst bubble markets in the country will now have to put 5% down.

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