Jeff Moran of CFB Loan Services said, "Clearly gravity finally kicked in the housing industry and what went up, finally came down. Borrowers who had variable rate loans across the country rushed to refinance their ARM's to no avail. Mortgage lending guidelines became tighter and property values continued to decline in 2007 and 2008. Unfortunately foreclosures became an epidemic as each month new foreclosure records were broken. Home refinancing had not been this difficult for several decades. In 2008, FHA mortgage loans became the new trend for borrowers who had the income and job stability.