LOUISVILLE, KY (WAVE) - The end of the shutdown means parts of the country will begin moving again, including the mortgage industry. Government-backed lending was suspended during the shutdown. Mortgage financing hinges on a lot of transactions that could not be processed for over two weeks. As a result, the shutdown postponed or derailed home purchases for many families.
One Jeffersonville, Indiana couple said the shutdown caused them to purchase a different house with higher interest rates and a bigger down payment because of the shutdown. They wanted to receive a USDA Rural Housing Loan. During the shutdown, however, the USDA was not processing any loans. Consequently, Denise Wright and her husband opted for a home in a non-rural part of Clark County and had to put down $5,000.
"It would've been nice to spend the money that we had as a down payment for different things inside the house we could have used, different furniture, whatever," said Wright.
Wright said she is a Democrat and her husband is a Republican, but during this whole process they both agreed they were unhappy with politicians in Washington. That position is shared across the nation.
Jeff Ratanapool, president of Century Mortgage, said the shutdown was a nuisance to the entire housing market. He says some in the mortgage industry were forced to find creative ways to work around the shutdown.
"We have to verify that Social Security number," said Ratanapool. "In addition we have to verify that the tax returns that the borrowers gave to us for our loan decision were what they actually filed with the IRS."
Ratanapool said agents had people bring in Social Security cards and sign forms stating that information submitted was truthful and accurate.
Sunday, March 9 2014 2:40 PM EDT2014-03-09 18:40:44 GMT
LOUISVILLE, KY (WAVE) - The coroner released the identity of a woman who was hit and killed by someone driving a van. The accident occurred Sunday around 4:36 a.m. on Preston Highway at Pinecroft DriveMore >>
The accident occurred Sunday around 4:36 a.m. on Preston Highway at Pinecroft Drive near Blue Lick Road in the Okolona neighborhood of Louisville.More >>
Sunday, March 9 2014 5:50 PM EDT2014-03-09 21:50:21 GMT
LOUISVILLE, KY (WAVE) – A business was evacuated due to a gas leak as hazmat crews continue to work to secure the area, according to Louisville Metrosafe. Dispatchers confirmed the business is in theMore >>
Fire crews were able to set up a water line and fog curtain to approach the tank and shut off the valve. The leak was contained at 12:56 p.m.More >>
Sunday, March 9 2014 2:38 PM EDT2014-03-09 18:38:57 GMT
LOUISVILLE, KY (WAVE) - Police have responded to a fatal car accident early Sunday morning. Around 4:45, the accident was reported in Okolona, at Preston Highway and Blue Lick Road. Police aren'tMore >>
Around 4:45 a.m., the accident was reported in Okolona at Preston Highway and Blue Lick Road.
Friday, March 7 2014 9:42 PM EST2014-03-08 02:42:29 GMT
LOUISVILLE, KY (WAVE) – One man is dead after an accident involving three vehicles in south Louisville. According to Jefferson County Deputy Coroner RD Jones, Ricky Duncan, 54, was driving a Ford escortMore >>
The Louisville Metro Police Department Traffic Unit is investigating the crash.More >>
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