by Jeff Sovern
So Reuters reports here. According to the report, "customers applying for a new mortgage will need a credit score of at least 700, and will be required to make a down payment equal to 20% of the home’s value." One implication is that JPMorgan Chase at least suspects that traditional credit scores are less reliable indicators of default risks than they used to be and so wants to be protected against a greater risk of default. I don't know how many people are moving forward with plans to buy homes and take out mortgages these days anyway. I wonder if lenders are still complaining about the qualified mortgage rules in this new environment.
