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New rules sparked by 2008 meltdown could shut all but the ‘white and the wealthy’ out of the housing market

Posted on 09 June 2011

They were supposed to control reckless lending and stop a repeat of the 2008 financial meltdown. But critics say new mortgage rules could stop all but the ‘white and the wealthy’ being able to buy their own houses, trapping lower-income families in the rental market.
The measures, proposed by six federal regulators, would limit lower-cost mortgages to buyers who can afford a 20 per cent down payment………………………………………..Full Article: Source


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