US govt shutdown threatens housing rally

[LOS ANGELES] A US government shutdown will immediately slow approval of thousands of mortgages.

If it lasts more than a week, it threatens housing and the broader US economic recovery.

Congress forced the first partial government closure in 17 years after failing to pass a budget, meaning borrowers in the process of obtaining home loans could be delayed as lenders are blocked from verifying Social Security numbers and accessing Internal Revenue Service tax transcripts.