The new rules from the Consumer Financial Protection Bureau (CFPB) have made it tougher for prospective buyers to get a home loan. After the fallout from the sub-prime mortgage crisis, these rules are geared toward eliminating the causes of “zombie” mortgages, skyrocketing interest rates, and “black hat” predatory lending practices. The recently introduced regulations from the CFPB also work to help protect lenders from litigation filed by homeowners who end up foreclosing on their properties. Pat Mertz Esswein at Kiplinger’s have more on the new rules.
Mortgages won’t be harder to get, but they could cost more. Learn about the new rules for home loans at Kiplinger’s.