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Tax Credit Deadline Causes Mortgage Log Jam
Loan-closing pipeline is clogged as tax credit deadline hits
June 30, 2010
By CAROL HAZARD Richmond Times-Dispatch
RICHMOND, Va. -- As homebuyers rushed to beat today's homebuyer tax credit deadline, the volume of transactions in process slowed the process for everyone. In addition, lenders are more closely scrutinizing prospective borrowers -- leaving many exhausted from the process.