New lending rules have been written by the Consumer Financial Protection Bureau CFPB, and they could mean that many people will be unable to get a mortgage. According to the article by AOL Real Estate, the new rules will limit people from taking out a new loan or from refinancing an existing one if it puts their overall household borrowing in excess of 43% of their income.
- Eased Mortgage-Risk Rule to Be Proposed by U.S. Agencies (bloomberg.com)
- Don’t blame the CFPB for tight credit (washingtonpost.com)