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> these borrowers can afford the higher rates. Not at all what I’ve been reading. We have a record high 2.5 trillion in mortgage debt, and a lot of that debt (
by rapind 5y ago
> these borrowers can afford the higher rates.
Not at all what I’ve been reading. We have a record high 2.5 trillion in mortgage debt, and a lot of that debt (especially in the last year) is high risk.
- jdsully 5y agoBoth banks and credit unions are required to perform the stress test. The biggest source of fraud is likely loans from parents marked as gifts, but it doesn't change the borrowers have to show evidence they can handle 5% interest rates on the mortgage portion.