Revisions to bank mortgage-lending penalty guidelines take effect

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With a better idea of when they could be penalized for lending to unqualified applicants, banks should ease credit requirements.

December 12, 2014

New guidelines recently took effect that clarify when the federal government will penalize banks for lending to loan applicants that don’t meet all qualifications and then selling those mortgages to Fannie Mae and Freddie Mac. Government penalties have cost lenders billions of dollars. The rules had led banks to tighten credit requirements for mortgages, pushing homeownership out of reach for many.

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