A once-overheated but now declining US housing market, abetted by questionable lending practices, along with aggressive investing by domestic and overseas financial institutions in mortgage-backed securities, have pushed the US economy toward recession and triggered declines in other nations' stock markets. I spoke with mortgage industry expert, David Olson, president of Wholesale Access Mortgage Research and Consulting, based in Columbia, Maryland.

"THE MORTGAGE MARKET is going through a chemicalization due to a period of bad practices that could not stand for long," says David Olson. He is referring to ill-advised practices in both mortgage lending and house buying in the US. He believes that everyone—prospective home buyers and sellers, lenders, and investors—can make a meaningful difference toward calming turbulent economic waters by changing the way they think and act in the marketplace.

February 25, 2008

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