Detailed text transcripts for TV channel - MSNBC - 20140111:12:25:00
To adhere to two new rules going back to the basics. the first is the ability to repay. basically, that means that people that are wanting to get a mortgage have to prove they have enough income as well as assets to pay off the amount of the loan. so, if you are getting a loan for $156,000, you have to prove you can pay that off. the second one is the qualified mortgages rule. that means your debt to income ratio has to be below 43% before they give you that money. there are instances where they may lend that money if you have a higher debt to income ratio. you have to prove you have the asset...