Suitablity test may backfire

Congressional report backs suitability, predatory lending standards: “The Mortgage Bankers Association and others in the lending industry have urged lawmakers not to go too far in regulating them, saying market forces have already led to a tightening of lending standards. Industry groups are particularly concerned about the imposition of a suitability standard, saying it would make it impossible for many people to obtain a home loan.”

This site is for informational purposes only. It is not sponsored or in any way affiliated with the government. If you are in need of a mortgage loan, consult with a licensed mortgage professional. All fair housing and equal housing opportunity laws apply when applying for a mortgage or buying a home. Copyright 2012.