New Lending Rules will have big impact on you sometime!

New Lending Rules will have big impact on you sometime!

Wow, here's the fallout from the 'so called' Sub Prime lending mess:

The Federal Government is going to issue broad rules covering responsibiity
for lenders to do their 'due dilligence', and mandate that they 'be fair'.

Among the big changes:

You'll have to have the income proof in addition to good credit to buy, no more
'credit only' loans. For sellers, that will mean less buyers for those more
expensive homes, or lower end homes. Homes in the middle will be fine. But
these new rules in Summer and Fall of 2008 from the Federal Government will take buyers out of the market in Raleigh, Durham, Cary, RTP and Wake County Real Estate.

Here's what Federal Reserve Chairman Ben Bernanke has to say about this far reaching
change that will effect Raleigh, Durham Real Estate Buyers and Sellers this Summer and Fall of 2008:

http://apnews.myway.com/article/20080708/D91PMQA80.html