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Government shutdown hits mortgage applications

Oh great. Just what the housing market needs:

Before closing on a mortgage backed by Fannie Mae or Freddie Mac, banks must verify a borrower’s income with the IRS. But IRS operations are curtailed because of the shutdown, and the agency won’t be available to handle the paperwork the banks need to close on the loans.

Well, to look on the positive side, it could cool down the border-line overheating market here. It’s just that we didn’t think it would happen this way.

File under: Vote the rascals out

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