The Financial Reform Act of 2010 does not require that financial institutions granting mortgages verify the income, job status, and credit history of mortgage applicants before approving mortgage applications True False

Question

The Financial Reform Act of 2010 does not require that financial institutions granting mortgages verify the income, job status, and credit history of mortgage applicants before approving mortgage applications True False

Answer 1

False. The Financial Reform Act of 2010, also known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, does require financial institutions to verify the income, job status, and credit history of mortgage applicants before approving mortgage applications. This is to ensure that borrowers are able to repay their mortgages and to prevent the kind of risky lending practices that contributed to the 2008 financial crisis.

Problemas

The Financial Reform Act of 2010 does not require that financial institutions granting mortgages verify the income, job status, and credit history of mortgage applicants before approving mortgage applications True False

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