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Detailing financial regulation and mortgages

By Holden Lewis ·
Monday, July 19, 2010
Posted: 3 pm ET

As threatened last week, my article about financial reform and your mortgage is up today.

The financial regulation law devotes more than 200 pages to mortgages. As far as effects on consumers, I believe the most profound provision is the one that gives favorable treatment to plain-vanilla "qualified mortgages." These are straightforward home loans that will be easier and faster to sell on the secondary market. The long-term consequences of this are unpredictable.

Then there's that section about Chinese drywall. Lawmakers love to blame China for our own mistakes.

Follow me on Twitter @HoldenL. And use Bankrate's mortgage calculator to find out how much of a mortgage payment you can afford.

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