Mortgage Standards Reform Recommends Radical Changes
Real Estate Issues and the Law
The Federal Reserve has called for a mortgage standards reform to counteract abuses taking place within the mortgage sector. If approved, the reform would demand banks employ an 8-point checklist to guarantee mortgagors can pay back the loan and would require a mandated 20 percent down payment requirement.
Source: Legal:Real-Estate-Law
The government is taking her sweet time on mortgage standards. This crisis has been going on for years and they are still fiddling around with reform.
International Level: Specialist / Political Participation: 49 4.9%