Consumer watchdog tightens mortgage lending rules on banks
WASHINGTON (Reuters) – More than five years after the housing market collapsed, the U. S. government’s newly created consumer watchdog said Thursday it will force banks to verify a borrower’s ability to repay loans to ward off the kind of loose lending that helped push the U. S. economy into recession. The Consumer Financial Protection Bureau said its new guidelines would also protect borrowers from irresponsible mortgage lending by providing some legal shields for lenders who issue safer, lower-priced loan products. . . .
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