While there are other mortgage lending provisions scattered throughout the Financial Services Reform bill that is now on the way to the President for signature, I have extracted the provisions in Title XIV (14) of the bill into a single PDF file HERE.
There is a LOT to digest and a lot of moving parts [it is 78 pages long], but you will want to file this away as a reference for the future, I think.
Statement from Senator Merkley on some of these provisions that he help champion:
“..I’m pleased that the bill includes provisions I championed to end some of the most egregious mortgage practices that led to the housing crisis and cost millions of families their homes. The bill will ban steering payments, liar loans, and prepayment penalties and give Americans the transparency they deserve when purchasing their own home. It will also create a Consumer Financial Protection Bureau dedicated to protecting consumers from financial tricks and traps, such as unfair overdraft fees and exploding interest rates.
Originally created and posted on the Oregon Housing Blog.
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