Cordray Tries to Ease Industry Concerns on Mortgage Rules

September 17, 2013
Wall Street Journal 
mortgage lending news
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), on Sept. 11 said his agency has strived to craft new mortgage rules that do not worsen today's tight lending environment. At the beginning of this year, the regulator issued an in-depth set of rules to implement a component of the 2010 Dodd-Frank financial law that makes lenders liable for ensuring a borrower's ability to repay a mortgage. Cordray said more than 95 percent of the loans written today will meet the CFPB's criteria but implored lenders to continue making loans that fall outside the government's definition.

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