Banking Law News

CFPB Leaves Little Room to Reshape Mortgage Rules

Jan. 18, 2019, 7:40 PM

The Consumer Financial Protection Bureau’s landmark mortgage rules may escape any significant rewrite under the Trump administration, and that is a relief to consumer advocates.

The CFPB’s assessments of its ability to repay and qualified mortgage rule, which were designed to eliminate some of the shady lending practices that led up to the financial crisis, show the five-year old regulation largely is working as intended with minimal costs to the mortgage industry. The bureau reached a similar conclusion after reviewing mortgage servicing guidelines that strengthened consumer protections against improper foreclosures and other abuses.

Many consumer advocates and others had feared...

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