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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?
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