Consumer financial protection agency plans summer rules requiring good faith estimates of mortgage costs

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Consumer financial protection agency plans summer rules requiring good faith estimates of mortgage costs

Consumer financial protection agency plans summer rules requiring good faith estimates of mortgage costs

Leaving MERS as the mortgagee isn’t changing anything.


NYT-

Over the next six months, the Consumer Financial Protection Bureau, a newly formed regulator vilified by the right, intends to overhaul the home mortgage market as a first step toward improving its fairness and clarity.

The goal is to remake the process of getting a mortgage, making it easier for borrowers to understand the kind of loan they are getting and its cost.

Such an achievement by the bureau —  a lightning rod for criticism of the Dodd-Frank regulatory law passed by Congress in 2010 — would help to establish its legitimacy and quiet its critics as it approaches its first birthday this month.

Richard Cordray, a former Ohio attorney general who is the director of the bureau, said he wanted to show that the bureau could help consumers without drowning banks in red tape.

“We have an overarching goal here,” Mr. Cordray said in an interview in his office near the White House, “which is to restore trust in the consumer financial marketplace. I don’t think we are just a regulatory body or just an enforcement body.”

[NEW YORK TIMES]

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