Consumer Bureau Readies Its New Financial Rules

September 20, 2011
New York Times 
mortgage lending news

Temporary leader of the Consumer Financial Protection Bureau (CFPB) Raj Date indicates that a new string of regulations will be unveiled soon, including one that will require lenders to gauge whether homeowners can repay their mortgages. He says that while he believes in the power of free markets, "free markets need rules." Other possible changes could revamp mortgage disclosure forms, which could be revealed in 2012. Date said, "We're taking the required mortgage disclosure forms and streamlining them into a single form. We believe the final product will be more useful to consumers, and simultaneously reduce costs for lenders."
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