President Obama’s replacement for U.S. Attorney General Eric Holder Jr. will have a strong influence on the housing market, according to some industry leaders. Under Holder’s leadership, the Justice Department filed suits that led to lenders buying back billions of dollars worth of risky, government-backed home loans. Banks then implemented strict credit requirements on borrowers that shut out millions from qualifying for mortgages. If the government eases up on its lawsuits, the credit climate could ease.
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