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


By claireh   Follow   Fri, 25 Jan 2013, 7:18am   115 views   0 comments
In Menlo Park CA 94025   Watch (1)   Share   Quote   Permalink   Like (1)   Dislike  

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

claireh is moderator of this thread.

Email

Username

Watch comments by email
Home   Tips and Tricks   Questions or suggestions? Mail p@patrick.net   Thank you for your kind donations

Page took 190 milliseconds to create.