MBA CEO says credit crunch leading to “dramatic” lending proposals

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Home foreclosure rates are rising in luxury markets, according to data from Zillow.com, making waves in the mortgage lending community. As John Courson, CEO of the Mortgage Bankers Association, told CNBC, the key issue in this crunch is whether credit availability among lenders will improve. “It’s clear that we are seeing proposals that are probably more dramatic … as we’ve seen since the 1930s when the banking system and the financial system in our country underwent massive changes,” Courson said.