I have been following the "Housing Crisis", which as far as I can tell was largely triggered by lenders willing to lend money to anyone with a pulse for a transaction fee. Aided and abetted by the residential Real Estate industry and some political interest groups and politicians under a variety of excuses to expand home ownership.
The recent announcement by the FED to require "proof of income" is a major change and impediment to free markets. In effect the only "proof of income" will become a "proof of tax".
Taxes will set you free.
I am a victim of previous policies which discriminated against the self-employed. Prior standards implied that unless you had a "steady job", (which could end at any moment) you were a credit risk, regardless of your FICO score, your history of paying off loans or cash in your business, regardless of how long your business had been in operation (in my case more than 20 years). The whole process was/is stupid and offensive.
I wonder why employees of mine who have a year or less of tenure are able to get mortgages much easier than I can. It seems perfectly clear to me that if my business goes south, I am the last man standing. It also seems obvious that my history as a self-employed person is less important than anyoneelse's W-2.