There is no doubt that the rules in effect on January 10th will hurt the industry in the short term. But in the long term the Qualified Mortgage rules will help the housing market by forcing lenders and borrowers to realistic about dealing specifically with a borrowers ability to repay the loan.
This will not stop all foreclosures. This will not stop all abuses. But it will go a long way to curbing the problem of homeowners taking on loans they obviously cannot afford and hitting up the taxpayer to clean up the mess later on.
You can visit the CFPB's website to learn more.
This will not stop all foreclosures. This will not stop all abuses. But it will go a long way to curbing the problem of homeowners taking on loans they obviously cannot afford and hitting up the taxpayer to clean up the mess later on.
You can visit the CFPB's website to learn more.
