New Legislation For Lenders
Posted on July 8th, 2008 by Spokane Home Guy (509) 990-7653
New rules coming down from Federal Reserve Chairman Ben Bernanke aim to prevent the current mortgage lending crisis from happening again in the future. The rules will require stricter requirements for proving income of borrowers, limiting or eliminating pre-payment penalties. The changes will also require lenders to consider the borrowers ability to repay from sources other than the home’s value.
