January 08, 2014

Associated Press: US Sen. Warren: New mortgage rules will protect potential homeowners, guard nation's economy

Associated Press
January 8, 2014

BOSTON - U.S. Sen. Elizabeth Warren is hailing new mortgage rules set to go into effect this week.

Warren said that under the new Consumer Financial Protection Bureau rules, lenders must determine that a borrower has the ability to repay a mortgage before issuing the loan.

The Massachusetts Democrat said the rules will prohibit brokers from being paid by lenders to steer customers into higher-cost loans and strengthen the mortgage market by improving mortgage servicing practices.

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