Industry Groups Want CFPB Finance Charge Rule Dropped

Law360, New York (September 12, 2012, 2:18 PM EDT) -- Banking and real estate lobby groups on Wednesday urged the Consumer Financial Protection Bureau to scrap a proposal that would require lenders to include all fees in their mortgage financing rate.

The groups said that although the consumer finance watchdog intends for the inclusion of all fees in its new, inclusive definition of mortgage finance charges, doing so would only add confusion to the already complicated process of buying a home and in the end would not help borrowers.

Mortgage finance charges are part of the...
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