What the new mortgage rules mean for you

Posted by Bonnie Martin Designated Broker on Monday, January 13th, 2014 at 10:38am.

bank__olegdoroshin_450money.cnn.com - New mortgage lending rules are going into effect Friday that aim to put an end to the worst mortgage lending abuses of the past.

The new rules are designed to take a "back to basics" approach to mortgage 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 Friday.

To read more of this article, click the link below:

#facebooklike#

Photo:  ©[Oleg Doroshin]/123RF.COM

Leave a Comment