mortgages: New Lending Rules Released
- 01/16/14 03:46 AM
New lending rules went into effect that aim to put an end to the worst home loan lending abuses of the past. The new rules are designed to take a “back to basics” approach to residential lending and lower the risk of defaults and foreclosures among borrowers, according to the Consumer Financial Protection Bureau, which issued the new rules.”No debt traps. No surprises. No runarounds. These are bedrock concepts backed by our new common-sense rules, which take effect today,” said CFPB director Richard Cordray in remarks prepared for a hearing. Lenders are being asked to comply with two new requirements: … (0 comments)
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