Prepared Remarks of Richard Cordray, Director of the Consumer Financial Protection Bureau, at the Ability-to-Repay Rule Field Hearing

Baltimore, Maryland—(ENEWSPF)—January 10, 2013

Let me say thank you to everyone, including our elected leaders, for joining us today as we announce our Ability-to-Repay rule – a rule designed to ensure that lenders are offering mortgages that consumers can actually afford to pay back.  This is a simple, obvious principle that needs to be re-established in the housing market.  It is nothing more than the true essence of “responsible lending.”

The Ability-to-Repay rule gets at…