Rule Requires Lenders Ensure Borrowers Have the Ability to Repay Their Mortgage
WASHINGTON, D.C.–(ENEWSPF)–January 10, 2013. Today the Consumer Financial Protection Bureau (CFPB) adopted a new rule that will protect consumers from irresponsible mortgage lending by requiring lenders to ensure prospective buyers have the ability to repay their mortgage. The rule also protects borrowers from risky lending practices such as “no doc” and “interest only” features that contributed to many homeowners ending up in delinquency…
