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

By claireh   2013 Jan 24, 11:18pm   220 views   0 comments   watch (1)   quote      

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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