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- Shutdown will stall home loans for thousands – The Washington Post
Landlords, keep renting out those houses, apartments, and condos, etc.
… the IRS sent most of its employees home Tuesday when Congress failed to agree on a budget, including those that process what are called tax-return transcripts.
Lenders also rely on the Social Security agency to verify borrowers’ Social Security numbers as a way of confirming their identity. These checks are done automatically, but the Web site that provides the information is down.
At the FHA, which plays a crucial role in the housing market by insuring loans with low down payments for first-time home buyers, the full-time staff of 3,000 is down to 64, and there are only 30 employees responsible for signing off on mortgage insurance for single-family homes. While large banks have the resources to approve lenders for FHA-backed loans, smaller lenders rely on the agency itself to do this.
The article goes on and on about hitches.
Read the source article … https://www.washingtonpost.com/politics/shutdown-will-stall-home-loans-for-thousands/2013/10/04/47b8cb10-2c4a-11e3-97a3-ff2758228523_story.html