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