patrick.net

Good. Way overdue.

ChrisLA says

toughen loan standards.

For how long? :)

still a lot of morons out there (about 60% of borrowers)

Nearly three out of every five U.S. borrowers who bought homes last year would not have met the proposed restriction on total debt, according to an analysis by mortgage research firm CoreLogic.

and confirmed by a separate federal report:

A separate federal analysis showed that more than half of buyers whose loans were sold to Fannie Mae and Freddie Mac in 2009 would have fallen short of one or both of the two debt requirements.

APOCALYPSEFUCK says

Mortgage fraud should be a capital crime

How about eliminating mortgage in first place to prevent the fraud?

"The proposed rules would not apply to loans backed by the federal government — including those guaranteed by the Federal Housing Administration, Fannie Mae and Freddie Mac. These loans now account for most of the mortgage market."

In other words, the proposal is just a PR stunt.

HousingWatcher says

In other words, the proposal is just a PR stunt.

Exactly. When I got to that line I thought, "Oh ok....so you mean you'll require this on all loans except the kind that constitutes 9 out of every 10 mortgages being made in America today, right?" That's the kind of comprehensive reform we need.