It seems so obvious. You shouldn't qualify for a mortgage unless you can afford it. But in the years leading up to the housing crisis, it was common practice for some lenders to make loans without verifying the borrower's ability to repay. And we all know how that worked out.
New "back to basics" rules from the Consumer Financial Protection Bureau(CFPB) are designed to keep that from happening again by creating a safer and more flexible mortgage market. They cover underwriting and servicing of home loans as well as how struggling homeowners—including those facing foreclosure—must be treated.
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