Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.


Daily Real Estate News  |  May 21, 2010  |   Senate Passes Financial Reform Bill
The Senate on Thursday approved the most extensive overhaul of the banking system since the 1930s.

The legislation must still be reconciled with the House bill passed in December.

Measures in both bills that directly affect property transactions include:
  • Limits on the ability of mortgage lenders to penalize borrowers who pay off loans early.
  • Stated-income loans would be effectively eliminated.
  • Lenders would be required to obtain proof from borrowers that they can pay for their mortgages. Buyers would be required to provide tax returns, payroll receipts, or bank documents.
  • Lenders and brokers will be prohibited from pushing borrowers to accept loans with higher interest rates or with risky features.

Source: The New York Times, Gregg Hitt and Damian Paletta (05/20/2010)

Browse all of today's news
E-mail this page to a friend
Give us feedback

Search news
Launch my search
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!