The Presidential Daily Brief

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    These Mortgage Miracles Could Be a Recipe for Disaster

    Is this a house of cards? New startups are tracking approvals online, reducing processing fees and ditching mountains of paperwork in favor of a streamlined approach that’s seeing home-buyers borrow more while putting less down. The lenders raise funds for loans from private investors, circumventing big banks — often repackaging them and selling them back to other investors so they can issue more loans. Some experts warn that this may not be as safe as houses, and the industry may soon become home to even more regulation.

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