GOP Presses Cordray On Costs Of CFPB Mortgage Rules

Law360, New York (August 1, 2012, 6:21 PM EDT) -- House Republicans on Wednesday continued to press Consumer Financial Protection Bureau Director Richard Cordray over the agency's proposed rules on mortgage disclosures, claiming it hasn't adequately considered compliance costs placed on small lenders, realtors and other related small businesses.

The CFPB's proposal would bar mortgage lenders from hitting consumers with hidden balloon payments that come due at the end of a loan, cap fees that lenders can charge to borrowers and ban fees for modifying loans. To accomplish those goals, the bureau put forward two separate...
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