Posted By: John Burnett
Comments on "ability to repay" reopened - 05/31/12 08:34 PM
From BOL's 5/31/12 Top Stories:
LATE-BREAKING: Bureau reopens comments on "ability-to-repay"
The Consumer Financial Protection Bureau (Bureau) has announced the reopening of the comment period on the Federal Reserve Board's May 11, 2011 proposed rulemaking under Dodd-Frank Act amendments to the Truth in Lending Act. The proposal would require creditors to determine a consumer's ability to repay a mortgage loan and would set minimum underwriting standards for home mortgages. The Bureau is specifically requesting comments on additional information it has obtained on the performance of securitized mortgage loans and on certain related matters. The comment period will end July 9, 2012.
The Consumer Financial Protection Bureau (Bureau) has announced the reopening of the comment period on the Federal Reserve Board's May 11, 2011 proposed rulemaking under Dodd-Frank Act amendments to the Truth in Lending Act. The proposal would require creditors to determine a consumer's ability to repay a mortgage loan and would set minimum underwriting standards for home mortgages. The Bureau is specifically requesting comments on additional information it has obtained on the performance of securitized mortgage loans and on certain related matters. The comment period will end July 9, 2012.