Bruss and Lenders
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In response to a question in the July 8 item “Various Markets Affect Lending Qualifications,” Robert J. Bruss characterizes Fannie Mae and Freddie Mac as “ . . . inflexible lenders (which) have rigid rules and require unreasonable loan file documentation,” and refers to their rules as “stupid.”
Bruss cites as evidence the fact that he can’t qualify because he owns too many rental properties. They thus qualify for his hit list along with lenders who won’t extend him loans and appraisers who won’t come up with the values he wants on the properties he deals with.
Bruss fails to mention that defaults and lender losses on investor loans are considerably greater than they are on loans to owner occupants.
Bruss is experienced, industrious and productive, but the poor quality of many of his responses is not what your readers ought to be reading in The Times.
JAY BERGER
Northridge
Berger is professor of real estate at Cal State Northridge.
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