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Scared’ banks are ‘triple-checking every single thing’
By Craig Torres | Bloomberg
Ruth Paloma Rivera just bought her first home, battling her way through the paperwork obstacle course that is the post-crisis American banking system.
In her initial attempt at obtaining a mortgage, the bank wanted a copy of her diploma from Rutgers University, where she earned a bachelor’s degree in political science. It asked for years of telephone bills and a letter from her credit unions to ensure she was in “good standing,” she said. Because of a mistake on her application, the bank also requested verification of her permanent residency status. Rivera, 28, was born in Puerto Rico, which makes her a U.S. citizen.
“It has been a really long, daunting, hard process,” she said.
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