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87%  
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Keyword: mortgagestandards

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  • Fed unveils proposal on mortgage standards

    04/19/2011 9:25:22 AM PDT · by NormsRevenge · 44 replies
    Yahoo ^ | 4/19/11 | Dave Clarke - Reuters
    WASHINGTON (Reuters) - Lenders would be required to make sure prospective borrowers have the ability to repay their mortgages before giving them a loan, under a proposal released by the Federal Reserve on Tuesday. The rule, which is required by the Dodd-Frank financial reform law, is intended to tighten lending standards and combat home lending abuses that contributed to the 2007-2009 financial crisis. The rule would establish minimum underwriting standards for most mortgages and lenders could be sued by the borrower if they do not take the proper steps to check a borrowers ability to repay the loan. The law...