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New mortgage lending rule intended to protect borrowers may hurt self-employed

from MainStreet

Beginning in January 2014, a new mortgage lending rule — the Ability-to-Repay rule — and as part of it, the qualified mortgage criteria, will go into effect. While the rule, which was issued by the Consumer Financial Protection Bureau under the Dodd-Frank Wall Street Reform and Consumer Protection Act, is intended to protect borrowers and the real estate market from another delinquency and foreclosure fiasco like the 2008 housing collapse, it may inadvertently cause headaches for the self-employed, including day traders. more

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