PLANO, Texas — ReSources, the Southwest Corporate Advisory Services newsletter reported that Third Quarter mortgage borrowing was down, posting a $691 billion annual pace after an $800 billion gain in the previous three months. Home mortgage debt rose 6.8% in the quarter; likely due to tighter lending standards being adopted, said manager Brian Turner.

Asked about the proposed White House/Treasury mortgage assistance plan, Turner said that "It seems it will only help some 10% of the expected 2.5 million loans due to reset, given an analysis showing that 80% of those loans have rates that will reset before April. So the impact will affect loans in the first quarter." Recalling earlier low rate cycles, like the one in the mid-1980s, Turner noted a stark difference in loans made then and those made between 2003-2007. "In the 1980s there was a 20% down payment requirement to qualify for an adjustable rate mortgage (ARM)."