- By ANYA MARTIN
- Some buyers shopping for a luxury home are hoping to close the deal before Jan. 10. That is when new rules are scheduled to take effect that will tighten lending standards.
- Issued by the Consumer Financial Protection Bureau (CFPB), the changes are designed to curb loose practices that triggered the real-estate meltdown. Under them, lenders are encouraged to underwrite only “qualified mortgages” that meet the tougher standards. Those that don’t could face a lawsuit from borrowers if they default on the loan down the road.
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