Obama vows to cut red tape on home loans

Filed under: AM Roundup |

The loose lending that led to the housing crisis has been replaced with underwriters demanding a long paper trail before a mortgage is approved, Bloomberg reports.

Event he most qualified home buyers are subjected to what some bankers call the “mortgage inquisition,” and many homeowners have given up on refinancing because of the difficulty in getting paperwork completed.

Obama is asking Congress to pass legislation that gets rid of some of the red tape.

Read more at Bloomberg.