CFPB Rule Could Shrink Market For High-Cost Mortgages

Law360, New York (January 11, 2013, 8:14 PM EST) -- The Consumer Financial Protection Bureau on Thursday issued stringent new rules for high-cost mortgages that attorneys say will be tough for banks to follow and that may sharply limit consumer access to the loans if banks decide the potential penalties aren't worth the risk.

Almost lost in the shuffle of the CFPB's key ability-to-repay rules for the entire mortgage market, the bureau also released rules that will lower the points and fees that banks can charge on high-cost mortgages, with the effect of making more of...
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