New mortgage lending rules to limit loan options [Obama's Plan: LESS FREEDOM FOR CONSUMER]

New mortgage lending rules to limit loan options [Obama's Plan: LESS FREEDOM FOR CONSUMER]

 

Chicago Tribune ^ | 1/10/13 | Mary Ellen Podmolik

 

Posted on Thursday, January 10, 2013 8:49:59 AM by SoFloFreeper

 

The Consumer Financial Protection Bureau is planning a Thursday morning announcement of new lending rules that it hopes will move the mortgage market toward a sustainable middle ground, somewhere in between the free-wheeling days of no-documentation loans and the current, restrictive environment.

 

realobam (Photo credit: GunnyG1345)

 

 

 

For most borrowers, the rules will mean no more interest-only mortgages, no more loans where the principal due increases over time, no more loans that carry a balloon payment and no more loan terms of more than 30 years. In addition, would-be borrowers will be less likely to qualify for a mortgage unless their total debts account for no more than 43 percent of their monthly gross income.

 

 

These so-called qualified mortgages are expected to be embraced by lenders, because by following the criteria, they will have a better chance of shielding themselves from lawsuits from consumers whose loans go bad.

 

(Excerpt) Read more at my.chicagotribune.com …

 

via New mortgage lending rules to limit loan options [Obama's Plan: LESS FREEDOM FOR CONSUMER].

 

IS THIS MAN, PRESIDENT OF THE UNITED STATES OF AMERICA, THE LEADER OF THE FREE WORLD, MENTALLY ILL? (Photo credit: SS&SS)

 

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