Proposed Rules To Protect Borrowers
This should be interesting. Here is what they are proposing for mortgages:
- A one-page Q&A document explaining risky features of a loan
- Streamlined early cost disclosures
- A revised annual interest rate that includes most fees and costs
- A graph showing borrowers how their rate compares with rates of borrowers with excellent credit
- In addition, side payments for steering borrowers to higher-cost or riskier loans would be banned.
- Home-equity loan applicants would get:
- A one-page document explaining the risks of the loan
- Cost disclosures specific to their loan
- In addition, lenders would have to notify borrowers 45 days before changing terms of
http://online.wsj.com/article/SB124837547483376651.html#mod=todays_us_page_one
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