From the BBJ:
No money? No problem, says a team of federal regulators hashing out industry-wide home lending standards.
In a victory for banks, a new proposal for the so-called “Qualified Residential Mortgage” rule is much less restrictive than the original version published in 2011.
The new standards allow no-down-payment options and protect banks from being sued by mortgage investors as long as the recipients of zero-down loans maintain a monthly debt-to-income ratio of less than 43 percent.
File under: Believe it or not