WASHINGTON -- Hoping to avoid another subprime crisis, the Federal Reserve on Monday approved a series of rules to more closely regulate the terms and circumstances of housing loans.
By Claude R. Marx |
Updated on July 14, 2008
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WASHINGTON — Hoping to avoid another subprime crisis, the Federal Reserve on Monday approved a series of rules to more closely regulate the terms and circumstances of housing loans.
Lenders will be barred from making loans without proof of the borrower’s income and must consider a borrower’s ability to repay the loan from sources besides the value of the home. In addition, lenders would have to ensure that borrowers set aside money for taxes and insurance.
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