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What's going on with mortgages?

I’m curious to know what peoples thoughts are on the current mortgage situations. There are many banks that are filing for bankruptcy, due to sub prime and there are many of them that are restructuring their business in lending. Now it’s getting harder for people to get loans for a house, especially for people that live in places like California where the cost of living is high. Some banks are changing their qualifications for applying for a mortgage, such as higher down payments and higher FICO scores to qualify for a mortgage. The market right now is at a small slump, but I can see it rebounding soon.