July 16, 2008

Fed Clears Rule to Guard Against Deceptive Mortgages

Protecting Consumers

The Federal Reserve Board approved a final rule for home mortgage loans to better protect consumers and facilitate responsible lending.

These revised rules were needed some time ago. Compliance with the new rules, other than the escrow requirement, is mandatory for all applications received on or after October 1, 2009. The escrow requirement has an effective date of April 1, 2010 for site-built homes, and October 1, 2010 for manufactured homes.

Click here for The Federal Reserve Board Press Release

Click here for Highlights of Final Rule Amending Home Mortgage Provisions of Regulation Z

See link below for the complete story

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	Fed Clears Rule to Guard Against Deceptive Mortgages
	Curb Deceptive Lending
	http://online.wsj.com/article/SB121604510884550897.html?mod=djemRealEstate

Topic Tags: ben bernake, deceptive lending, fed chariman, federal reserve board, home mortgage disclosure, regulation c, regulation z, truth in lending

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