Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Staff Contacts | Home RSS

New rules for Mortgages-Ability to Repay

January 20, 2014 - Sylvia Heldreth
The mortgage crisis brought many problems of our mortgage lending system to light. The "ability to re-pay" rule which requires lenders to confirm a borrower's likelihood of repayment and requires that their total debt not exceed 43% of a borrower's monthly income is probably the most visible of the changes.

Some say that they should have the right to determine what portion of their income is spent on a mortgage payment and there is no need for a "big brother" in the mortgage process. Others say that the economically foolish need to be protected from themselves.

What do you think?


Article Comments

Oct-20-16 6:12 AM

Under mortgage underwriting states, that the is 43% is just a guideline. Other factors must me considered and may exceed and guide lines. Each individual case is different.

The problems we had with the mortgage crisis was wide spread fraud. Including fake Income verification, Crooked appraisers, crooked mortgage brokers, people buying 10 houses, and corrupt real estate brokers. Also, government providing bail outs for banking crooks.


Post a Comment

You must first login before you can comment.

*Your email address:
Remember my email address.


I am looking for:
News, Blogs & Events Web