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Tag Archives: financial interest

“Ability to Repay” Rule Could Prompt More Foreclosures

USA Foreclosures 101
Washington

On April 26, 2012 the Kansas City Star published a column from the Philadelphia Inquirer’s Al Heavens analyzing the federal government’s new “ability to repay” rule. This rule was part of the Frank-Dodd financial reform act of 2010 aimed at getting rid of high-risk mortgages and cleaning up the home lending industry. Among other things the Frank-Dodd legislation essentially put an end to risky mortgage products like interest only and negative amortization loans. While parts … Continue reading →

Posted in Foreclosure Law, Foreclosure Problems | Tagged financial interest, financial stake, high risk mortgages, income verification loans, mortgage lenders, mortgage lending, negative amortization loans, no income verification loans | Leave a reply
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