Regulators Vow to Work With Industry on Mortgage Rules

October 28, 2013
The Hill 
consumer financial protection bureau news

Richard Cordray, director of the Consumer Financial Protection Bureau, and Edward DeMarco, acting director of the Federal Housing Finance Agency, will work together with the lending industry to implement new mortgage regulations that will help guard against another foreclosure crisis. The pledge came during the Mortgage Bankers Association's 100th annual conference.

Set to take effect in less than three months, the rules are designed to ensure borrowers have enough money to repay their mortgage loans and seek to end the risky lending practices blamed for helping to trigger the Great Recession. "We're all in this together," Cordray declared at the event. "Our oversight of the new mortgage rules in the early months will be sensitive to the progress made by those lenders and servicers who've been squarely focused on making good faith efforts to come into substantial compliance on time."










Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`