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?
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