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Its great that CFPB is making it harder to buy a house


By claireh   Follow   Thu, 24 Jan 2013, 11:18pm PST   120 views   0 comments
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According to Matthew Yglesias at Slate (see URL below), a new rule "requires lenders to make a reasonable, good-faith determination that a mortgage borrower will be able to repay a loan that’s offered."

In theory, this should help prices drop, no longer allowing people to "pay" what they can't afford for a house.

Will it be effective in lowering prices to what people can afford? If so, how long should it take to cause that adjustment?

http://www.slate.com/articles/business/moneybox/2013/01/cfpb_ability_to_pay_rules_the_consumer_financial_protection_bureau_s_new.html

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