New Trouble Knocks Flint as Mortgage Firms Require Proof of Safe Water
Dow Jones Business News, Feb. 3, 2016–Light, Joe
Flint, Mich., residents have a new concern on top of lead in their drinking water: Some mortgage lenders say home buyers must prove there is no contamination at a property or they won’t make a loan for its purchase. “This isn’t a question of the lenders arbitrarily choosing not to do loans in Flint,” said David Stevens, president of the Mortgage Bankers Association. “It’s a question of whether lenders are allowed to originate those loans based on government requirements.”
