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1-22-13: No-Doc No More?
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The mortgage lending of the 21st century’s first decade is still causing misery in the second. Low-doc, no-doc, subprime, balloon payments—as the big banks expanded our vocabulary, they also expanded the number of Americans approved for loans they had no ability to repay.
Now there’s a new incentive for banks to underwrite only loans they know borrowers can repay, thanks to a rule released earlier this month by the federal Consumer Financial Protection Bureau. The rule is 804 pages long. We’re going to try and sort it out in eight minutes.
Sheilah talks to Clifford Rossi, executive-in-residence and Tyler Teaching Fellow at the University of Maryland Robert H. Smith School of Business.
Here are some thoughts on the rule from various watchdog agencies:
Sheilah and Clifford Rossi continued their conversation for this web extra, turning their attention to a rule the CFPB released on January 17 about foreclosures.