New Orleans In the US we are seven years out from the Great Recession, depending on how you count the pain and mark the scars. Homeowners have lost their homes through 7 million foreclosures in that period. More than 9 million homeowners are still underwater, owing more than the value of their homes now, with the banks, like …
Tag: subprime mortgages
Some Affordability Finally Coming to Mortgage Lending but Is Fraud Protection Enough?
New Orleans The new Consumer Financial Protection Bureau (CFPB) released its outline of new mortgage lending rules that will take effect in 2014. The new rules are interesting, though in some ways not reassuring. After years of arguing with big banks and subprime houses that “affordability” had to be the key test regardless of all …