Senate Passes Wall Street Reform!
Take a look at this short article at Realtor.com. It gives some idea of what effect the bill will have on real estate matters. There will be some extra protections for borrowers, and it will make it less likely when the real estate market heats up again that lenders will allow stated income loans, which were loans where a borrower’s ability to pay wasn’t checked carefully. This will make it harder for people who are independent contractors to get loans, but it will stop abuses as well. There’s a link to the actual bill, but it is 2300 pages long, and doesn’t make for very interesting reading…in my humble opinion. Click Here to read the article on Realtor.com.