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New lending restrictions would have cut defaults in half, report shows
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Thursday, December 5, 2013
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There is a reason why people use the phrase, “Hindsight is 20/20.”
Analysis from Goldman Sachs economists shows that nearly half of all mortgage defaults seen in the aftermath of the housing collapse could have been prevented by the qualified mortgage (QM) regulations set to take effect in January, the Wall Street Journal reported. However, a quarter of loans that didn’t default would have been unlikely to have been made if the upcoming regulations were in place before the crash.
For good and for bad, it looks like the forthcoming lending regulations are going to restrict the number of individuals who qualify for mortgage loans in the near future.
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