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New mortgage rules taking effect next month won't change anything on homeowner's current mortgages and it won't prevent borrowers from taking out home loans with debt-to-income ratios above 43 percent, despite widespread claims to the contrary.
Homeowners whose mortgage debt is reduced through a loan modification or short sale could get hit with a tax bill if Congress doesn't act to extend a special exemption due to expire at the end of the year.
New mortgage rules due to take effect in January will make home loans more costly and difficult for borrowers, according to a new analysis by Standard and Poor's (S&P) Rating Services, though most of the impact will be limited to certain classes of borrowers.
A new mortgage crisis, this one in home equity loans, could be brewing as payments are due to rise sharply for borrowers who took out such loans during the years of the housing bubble.
The decision by Senate Democrats to push the button on the "nuclear option" will likely have a significant impact on home loans by clearing the way for two Obama nominees to key posts with major influence over the mortgage markets.