Delays May Stifle CFPB's Effort To Clear Up Mortgage Process

Law360, New York (July 9, 2012, 8:36 PM EDT) -- The Consumer Financial Protection Bureau on Monday released long-awaited guidelines for mortgage disclosures aimed at making the home-buying process more clear and fair, but observers say the consumer finance watchdog risks throwing the market into turmoil by delaying other rules.

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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.