Tuesday, December 18, 2007

New Fed Rules to Protect Mortgage Holders

Restricting lenders from penalizing subprime borrowers who pay their loans off early. -- Forcing lenders to make sure that borrowers set aside money to pay for taxes and insurance. -- Prohibiting loans without proof of income. -- Stopping lenders from making loans without considering a borrower's ability to repay a home loan from sources other than the home's value.

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