New Mortgage Lending Rules
1 July 2008
The Federal Government has drafted and is seeking to implement new guidelines to be adopted by mortgage lenders and borrowers alike to prevent similar housing market problems in the future. Some analysts see this as a step too late and that the market is already in a deep state of disrepair even with the new set of rules and several attempts of the Fed to lower Mortgage interest rates. The new rules aim to improve the current system being used imposing stiffer penalties to lenders and borrowers alike thus demanding strict compliance from both. Many lenders have also suffered greatly from the current crisis who forecast the turmoil to last till 2009.
Sorry, the comment form is closed at this time.
