WEST PALM BEACH, Fla. (Cox Newspapers http://www.statesman.com/business/content/business/stories/other/2009/09/30/0930subprime.html ) – As of yesterday, borrowers with bad credit or no verifiable income will not be eligible for a home loan. The new rule, approved as part of the Housing and Economic Recovery Act of 2008, requires lenders to prove a person’s ability to repay a loan before awarding one. This guideline mostly concerns subprime or high-interest loans for people with weak credit.
Lending Standards Tighten
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