Federal Consumer Financial Protection Bureau Issues Final Ability to Pay Rule for Home Loans.

The federal Consumer Financial Protection Bureau has published the ability to pay final rule for home loans, including a definition of "qualified home loans" as well as an opportunity to comment on several proposed amendments to the final rule. (Kinda odd since this is a "Final" rule, no?). 

A summary of the history leading to the rule, and a summary of the rule is HERE.  The final rule, all 804 pages, is HERE (will be shorter when published in smaller type face in Federal Register); breakouts by different sections can be found HERE. 

I am sure there will be more detailed explanations of the rule in the coming months, this post is intended only as a reference tool, not a detailed analysis. 

Originally created and posted on the Oregon Housing Blog.

House Financial Services Hearing on Mortgage Origination Transcripts.

For readers with a Multnomah County library card, there are now transcripts available of a recent hearing on mortgage origination held by a House Financial Services Sub Committee.  Panel one transcript is HERE; Panel two transcript is HERE. 

To view the transcript after you click the link you will be required to enter your Multnomah County library card and a PIN (you will have to complete a one time registration if you don't have a PIN). 

Other library systems likely have similar on line access. To find these transcripts look for Political Transcript Service, July 15, 2011. 

The Sub Committee web page for this July 13, 2011 hearing is HERE.

Originally created and posted on the Oregon Housing Blog.

Risk Retention Rule Summary.

Prior to publication tomorrow of proposed rule, the summary HERE is from American Banker.

Originally created and posted on the Oregon Housing Blog.

Work on New Mortgage Disclosure Form at New Consumer Bureau Moving Forward.

Bloomberg News has good roadmap of where we are and how long it will take HERE. Story also suggests better disclosures may cut into profits of large lenders. 

Originally created and posted on the Oregon Housing Blog.