We would love if anyone elaborates on changing the regulations The Consumer Financial Protection Bureau announced yesterday…
We would love if anyone elaborates on changing the regulations
The Consumer Financial Protection Bureau yesterday announced its intention to allow the expiration of a major provision of the Ability to Repay mortgage lending rules established by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The change could have serious implications for mortgage and housing markets.
The Ability to Repay rule placed additional pressure on lenders to ensure borrowers have a reasonable chance of being able to pay off their loans. The rule, also known as the Qualified Mortgage Standard, is aimed at preventing predatory lending, and protects lenders who make qualified loans from borrower lawsuits
https://fortune.com/2019/07/26/mortgages-gse-patch-housing/amp/
Getting a Mortgage Could Become Much Harder Under a New Trump Administration Proposal
The expiration of the so-called GSE Patch could slash credit access for some borrowers.
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