mortgage

Financial reform and your mortgage

Introduction to mortgage section of Dodd-Frank Act
Introduction to mortgage section of Dodd-Frank Act

New financial reform legislation includes provisions to prevent lenders from offering mortgages borrowers can't afford or understand.

The Dodd-Frank Wall Street Reform and Consumer Protection Act devotes more than 200 pages to a section called the Mortgage Reform and Anti-Predatory Lending Act. It addresses issues as diverse as prepayment penalties and Chinese drywall.

The legislation says its purpose is "to assure that consumers are offered and receive residential mortgage loans on terms that reasonably reflect their ability to repay the loans and that are understandable and not unfair, deceptive or abusive."

The following slides explain how the new legislation may affect your next mortgage.

advertisement

          Connect with us
advertisement
advertisement

Blog

Claes Bell

Mortgage rates in Los Angeles

See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in Los Angeles.  ... Read more

advertisement

Connect with us