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Home » Store » Legislation » CFPB Proposed Rule Aims to Crack Down on Abuses Associated With High-Cost Mortgages

CFPB Proposed Rule Aims to Crack Down on Abuses Associated With High-Cost Mortgages

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Legislation

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Consumers who take out mortgages that are considered high cost currently receive special pro-tections from fees and risky loan terms. The Consumer Financial Protection Bureau this week came out with a proposed rule that would expand what is considered a high]cost mortgage and provide more protections to consumers who take out those loans. Loans that meet high-cost triggers under the Home Ownership and Equity Protection Act are subject to special disclosure requirements and restrictions on loan terms, and borrowers in high-cost mortgages have enhanced remedies ...
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