Business News: New mortgage rules aim to prevent risky loans - KYTX CBS 19 Tyler Longview News Weather Sports

Business News: New mortgage rules aim to prevent risky loans

Posted: Updated:

(CNN) - New mortgage rules take effect today, which are aimed at protecting borrowers from abusive lenders.

The new federal policies are designed at reducing the risk of defaults and foreclosures.

Lenders must now determine that a borrower has the income and assets to make payments throughout the life of the loan.

But, the new rules do not require a minimum down payment. So, first-time buyers have a better chance at getting a loan.

Borrowers should contact their bank or lender with questions about the new requirements.



(CNN) - If you don't like the IRS, you're not alone.

A new report to Congress may explain why so many Americans are frustrated with the tax collection agency.

This week's study from the National Taxpayer Advocate finds the IRS "desperately" needs more funding to do its job.

The agency's budget has been cut by about 8 percent since 2010 and much of that funding once paid for employee training.

There are also about 8,000 fewer full-time workers on staff.

Agents are also taking nearly a year on average to respond to identity theft investigations.



(CBS) - It was a dismal holiday shopping season for Sears.

Sears holding, which operates sears and K-mart stores, expects a loss of as much as $316 million dollars in the fourth quarter, thanks to disappointing holiday sales.

Sears is facing increasing competition from chains like Wal-Mart.
  • Local NewsMore>>

  • Jacksonville Communications Officer Killed in One Vehicle Crash

    Jacksonville Communications Officer Killed in One Vehicle Crash

    Monday, April 14 2014 11:31 PM EDT2014-04-15 03:31:53 GMT
    SMITH COUNTY (KYTX) -- DPS says a woman is dead after a crash Monday afternoon.  It happened just before 2:00 p.m. at the intersection of Mixon Road and Yarborough Lane in Smith County.  At this pointMore >>
    A Jacksonville Police communications officer has died after a crash Monday afternoon.
    More >>
  • Family remembers Fort Hood shooting victim with Illinois ties

    Family remembers Fort Hood shooting victim with Illinois ties

    Thursday, April 3 2014 10:35 PM EDT2014-04-04 02:35:25 GMT
    EFFINGHAM (WCIA)  -- One of the victims in a deadly shooting in Fort Hood went to school in central Illinois. Family members say 37-year-old Army Sergeant Tim Owens went to Southside Elementary in Effingham.  Owens'More >>
    One of the victims in a deadly shooting in Fort Hood went to school in central Illinois. Family members say 37-year-old Army Sergeant Tim Owens went to Southside Elementary in Effingham.More >>
  • Hallsville Student Finds Used Needle on School's Playground

    Hallsville Student Finds Used Needle on School's Playground

    Saturday, April 19 2014 7:43 PM EDT2014-04-19 23:43:25 GMT
    HALLSVILLE (KYTX) - A situation to make any parent worry. Pamela Kelly says her 4 year old son came home from school recently with a hole in his hand. Tyler Kelly goes to Pre-K here, at the Little Cats Learning Center in Hallsville. Kelly says since coming forward with this news,she has received thanks from other parents."They have been extremely thankful. So they can be more proactivand morere on the look out." - Pamela Kelly, Tyler'Mom Thehe school made this statement to CBS 19 via email. T...More >>
    HALLSVILLE (KYTX) - A situation to make any parent worry. Pamela Kelly says her 4 year old son came home from school recently with a hole in his hand. Tyler Kelly goes to Pre-K here, at the Little Cats Learning Center in Hallsville. Kelly says since coming forward with this news,she has received thanks from other parents."They have been extremely thankful. So they can be more proactivand morere on the look out." - Pamela Kelly, Tyler'Mom Thehe school made this statement to CBS 19 via email. T...More >>
Powered by WorldNow

CBS19, MYTX & KCEB
2211 ESE Loop 323
Tyler, TX 75701
Phone (903) 581-2211
Fax (903) 581-5769

Powered by WorldNow
All content © Copyright 2004 - 2014, WorldNow and KYTX, Owned and Operated by London Broadcasting Company.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.