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?When consumers sit down at the closing table, they shouldn't be set up to fail with mortgages they can't afford,Miu Miu Purses,Miu Miu Online,Miu Miu Online," Richard Cordray,Miu Miu Purses, the bureau's director, said in a statement.
The new rules are intended to combat lending abuses that contributed to the U.S,Miu Miu Bags. housing bubble, when shoddy mortgage standards led American households to take on billions of dollars in debt they could not afford.
The U.S,Miu Miu Online,Miu Miu Online. economy is still feeling the after-effects of the bubble, which sparked a global credit crisis after it burst in 2006. As the housing market imploded,Miu Miu Bags, banks sharply tightened the screws on lending.
Regulators said the new rules would head off future crises by preventing irresponsible lending,Miu Miu Totes,Miu Miu Purses,Miu Miu Purses, without forcing banks to restrict credit further. Lenders will have to verify a potential borrower's income,Miu Miu Online,Miu Miu Purses, the amount of debt they have and their job status before issuing a mortgage,Miu Miu Totes,Miu Miu Online.
And because lenders are likely to want the heightened legal protection that comes with offering certain "plain vanilla" loans, the rules could go a long way in determining who gets a loan and who can access low-cost borrowing rates,Miu Miu Online.
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