24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Consumer Financial Protection Bureau Outlining New Mortgage Rules

The federal government’s consumer watchdog will outline mortgage lending rules today that should curtail the exotic loans and loose underwriting practices that helped lead to the housing market crash in 2008.

The rules define a “qualified mortgage” and are aimed at protecting both consumers and lenders.

Source: Star-Ledger. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

  • Audrey||

    Mortgage is one of the most popular kinds of loans in the US. But lots of consumers take out loans and then fail to repay them. That’s why it’s important to set new regulations which would help to protect both consumers and lenders. We do not want another foreclosure crisis so I think that it’s necessary to approve only mortgage applications from those customers who can really pay off their loans. Hopefully that new regulations will be efficient and will help to reduce the quantity of foreclosures. And consumers should be more responsible about their loans, in case it’s hard to make a payment then it’s better to use payday loans no fax or borrow money from someone than fail to repay.

advertisement