(9/23/2011) The new federal agency tasked with protecting consumers' interests recently revealed that it would revamp the rules related to mortgage lending early next year.
The Consumer Financial Protection Bureau will put out the final mortgage lending rules - designed to ensure that borrowers will be given loans they can afford to pay - within the first few months of 2012, according to a report from Reuters. The rule is part of the sweeping Dodd-Frank Act passed last year that required greater underwriting standards for all consumer loans, including those for mortgages and credit cards.
Consumers who are having trouble dealing with their existing home loans may want to consider the benefits of refinancing. By checking the latest online rate tables to find the best local mortgage rates, homeowners can typically cut their monthly bills by as much as a few hundred dollars.
"We plan to issue a final rule early next year in order to provide clarity to the market as quickly as we can, without sacrificing the quality of our analysis," said Raj Date, the Treasury Department official currently running the CFPB, according to the report.
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