Banks told to toughen mortgage guidelines (The Charlotte Observer)
Federal banking regulators on Friday told the companies they regulate to tighten mortgage lending standards in a belated effort to end abuses that have led to a surge in foreclosures. The directive instructed banks, thrifts and credit unions to revive standards that once seemed basic common sense, such as documenting that a borrower can afford a loan. Lenders were also told to stop making loans …
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