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May 21, 2011

Mortgage Standards Reform

A mortgage standards reform proposal was recently released by the Federal Reserve as the government attempts to curb abuses that have contributed to the mortgage crisis. The rule would further tighten lending criteria to ensure borrowers are capable of repaying their housing debt. It would also require buyers to provide a minimum 20-percent down payment when buying real estate.

The mortgage standards reform redefines a qualified mortgage and includes an 8-point checklist which holds mortgage providers accountable for investment decisions. The new rule takes effect later this year and will be governed by the Consumer Financial Protection Bureau.

Real Estate Investing article on "Mortgage Standards Reform "

May 10, 2011

Mortgage Standards Reform

The Federal Reserve released mortgage standards reform proposal in attempt to curb abuses contributing to the mortgage crisis. The rule would tighten lending criteria and require mortgagors to contribute a minimum 20-percent down payment when buying real estate.

The mortgage standards reform would hold banks accountable for investment decisions by implementing an 8-point checklist to ensure borrowers are capable of repaying borrowed funds. The rule redefines a "qualified mortgage" and will take effect later this year under supervision of the Consumer Financial Protection Bureau

Real Estate Investing article on "Mortgage Standards Reform "