Congress is getting tougher on both
borrowers and lenders blamed for inflating a housing bubble that, when it
popped, plunged the nation into a severe recession two years ago.
Under sweeping financial overhauls that
have now passed the House and Senate, home buyers won't be able to get a
mortgage without producing pay stubs or other evidence they can make their
monthly payments. A new consumer watchdog will police lenders who offer
impossible-to-resist subprime mortgages and then jack up the interest rates to
impossible-to-pay levels.
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