Future mortgage purchases by Fannie Mae and Freddie Mac are confined to "qualified-mortgage" loans, says the Federal Housing Finance Agency. The Consumer Financial Protection Bureau revealed guidelines for such loans in January, limiting the fees and points that can be charged and requiring banks to verify a borrower's ability to pay. The FHFA ruling, effective Jan. 10, means that Freddie and Fannie will not be able to buy interest-only loans or those past a 30-year maturity.

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