Freddie came up with this Announcement on May 29th implementing a policy with significant consequences that affects loan applications as of June 1st. If you have another Freddie chart dated 6-1-08, trash it.
Then Freddie has the audacity to tell us (in a rather rude manner, I might add) that LP won't catch the new LTVs, and that the lenders better "conduct a manual review". And if the lender screws up...it's not Freddie's problem.
Declining Markets, Declining LTVs
(Freddie Mac Bulletin, May 29, 2008)
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