Consumer Financial Protection Bureau Outlining New Mortgage Rules

To protect lenders and borrowers, the agency says. Curbing intervention in the housing market would do that better

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.

Comments

[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.