CFPB's Qualified Mortgage Rule Should Bolster Bank Lending
Law360, New York (January 10, 2013, 7:11 PM EST) -- The Consumer Financial Protection Bureau finalized new mortgage lending rules Thursday aimed at preventing some of the worst practices of the subprime bubble, but provided sufficient legal protections and flexibility that banks will be able to ramp up their mortgage lending, analysts say.
Banks had been worried that the CFPB would create a rule that was too heavily weighted toward consumers in developing standards for the so-called qualified mortgage standard, which could make it more difficult to lend. Meanwhile, consumer groups feared that the bureau would provide too much legal protection against borrower complaints if lenders did not comply with the...
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