From the US News and World Report:
The Consumer Financial Protection Bureau unveiled new mortgage lending rules Thursday, designed to protect borrowers from the worst of the risky banking practices that ultimately led to the 2008 housing bust.
The new Ability-to-Pay rules require lenders to ensure that would-be borrowers can afford the mortgage debt they take on by verifying important financial information such as employment and debt obligations, and the rules bar lenders from basing ability to repay on low teaser rates.
"The core of the Ability-to-Repay rule rests on two basic, common-sense precepts: Lenders have to check on the numbers and make sure that the numbers check out," said CFPB director Richard Cordray in prepared remarks to be delivered at a hearing on the new rules Thursday.
But while the new rules might seem like the most common sense regulations to ever hit government books, the impact of one rule in particular has the potential to reshape the nation's mortgage and housing markets.
Follow the link below to read the full article:
At Murray & Murray we are proud of our family focused culture and way of doing business. Our team of experienced legal and non-legal professionals is dedicated to serving and supporting our clients and each other in all that we do.
Experienced Attorneys since 1931
Murray & Murray is a law Firm based in Sandusky, Ohio representing individuals and businesses in critical matters.
Attorneys Who Mean Business