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Article: Commonwealth's Consenza stresses lending flexibility.(Armand Cosenza of Commonwealth Financial Services Inc.)(Brief Article)
- Article from:
- Origination News
- Article date:
- January 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Armand Cosenza, co-owner of Commonwealth Financial Services Inc., remembers a time when there were basically two sources of lending in Ohio.
"You could go to your conventional bank, and they had the low rates, but they really were very exclusive in their lending policies," Mr. Cosenza explained. "If a person couldn't get a loan there, they went to the finance companies."
Consumers unable to meet stringent conforming guidelines - many of whom had good credit - were forced to pay much higher rates with the finance companies.
"The conventional lenders either didn't do their job or wouldn't do their job, whatever the reasons were," Mr. Cosenza ...