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>>

  • Girl, 4, allegedly killed by her mom is laid to rest

    Girl, 4, allegedly killed by her mom is laid to rest

    Monday, July 28 2014 5:38 PM EDT2014-07-28 21:38:53 GMT
    ATHENS (KYTX) - A four-year-old Athens girl Victoria Wyatt has been laid to rest, a little less than a week after her mother confessed to killing her.More >>
    ATHENS (KYTX) - A four-year-old Athens girl Victoria Wyatt has been laid to rest, a little less than a week after her mother confessed to killing her.More >>
  • 1 dead, 13 injured after lightning strikes Southern California

    1 dead, 13 injured after lightning strikes Southern California

    A sunny day at California's famed Venice Beach took a dark turn Sunday when one person died and a dozen others were injured after a rare lightning strike. A man in his mid-20s died at the hospital after being transported from Venice Beach.More >>
    A sunny day at California's famed Venice Beach took a dark turn Sunday when one person died and a dozen others were injured after a rare lightning strike. A man in his mid-20s died at the hospital after being transported from Venice Beach.More >>
  • SPECIAL REPORT: You Don't Know Where That's Been

    SPECIAL REPORT: You Don't Know Where That's Been

    After a few disastrous flu seasons, and recent increases in staph infections nationwide, spreading germs is becoming more and more serious. In a special report, we tested a bunch of things we touch every day to see how filthy they really are.More >>
    After a few disastrous flu seasons, and recent increases in staph infections nationwide, spreading germs is becoming more and more serious. In a special report, we tested a bunch of things we touch every day to see how filthy they really are.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 2000 - 2014 WorldNow and KYTX. All Rights Reserved. Users of this site agree to the Terms of Service, Privacy Notice/Your California Privacy Rights, and Ad Choices.