A down to earth look at real estate issues in Northern New Jersey with an environmental twist.
Saturday, July 07, 2007
New U.S. Guidelines Curb Risky Home Loans
It won't mean the end to no-income verification or high-risk mortgages for subprime homebuyers, but new guidance from federal financial regulators will almost certainly cut their availability sharply.
In a long-awaited policy statement on loans to borrowers with imperfect credit histories, federal financial regulators a week advised banks, credit unions and their mortgage subsidiaries to verify income, assets and employment on all loans except in special cases where borrowers could demonstrate substantial financial reserves.
More from ">The Baltimore Sun:
Subscribe to:
Post Comments (Atom)
they are going to work a deal where you can refinance
ReplyDeleteeven if you are a bad credit risk.
Here is my web page ; click here