As reported by Bankrate
and other news sources, the federal government has finally put its foot
down, and it has enacted rules that prohibit lenders from providing
subprime mortgages unless the borrower can repay
them. In the past,
stated-income loans (now referred to as "liar loans") allowed borrowers
to exaggerate their incomes without having to provide tax records that
might prove otherwise. How good are the new rules? That is any body's
guess. For one, the new rules do not go into effect until October 1,
2009. Two, subprime loans have already fallen on their own from $52.3
billion in the first quarter of 2007 to just $3.3 billion in the first
quarter of 2008. What it does mean is that it is going to be much
harder for real estate agents to get some types of clients or customers
approved, or find those that can get approved. This, of course,
includes those that cannot pay for the loans, but also self-employed
individuals and undocumented workers.
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