Future home buyers would have to put 20 percent down to get the best home loans. Eligible borrowers could owe only a minimum amount of other debt. And anyone with a 60-day delinquency in his credit history need not apply.
New proposed rules to avoid another mortgage meltdown could radically change the way people buy homes.
Reformers say new standards are needed to ensure that buyers aren’t ensnared in mortgages they cannot afford and that lenders are held to account for loans that go bad.
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