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U.S. to toughen mortgage criteria

By The Washington Post

This article was published January 10, 2013 at 11:13 a.m.

— The government is establishing new rules for mortgages that will make it harder for some borrowers to qualify but that are designed to prevent the kind of risky lending that nearly caused the housing market to collapse during the financial crisis.

The Consumer Financial Protection Bureau today will roll out the first of several far-reaching changes to the nation’s mortgage market, limiting upfront fees and curtailing practices such as interest-only payments that can leave homeowners stuck with unsustainable loans.

The agency also will set standards for how much income a consumer must have to obtain a mortgage.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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Testingonetwothree says... January 11, 2013 at 3:13 a.m.

so we are passing new rules that remove the rules of the clinton administartion that said everyone deserved a home whether you had a job or not......if we had kept the clinton rules off the books we wouldnot have had the Real estate meltdown

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