risky mortgages

Feds Get Tough With Home Loans

Posted on 01/10/2013 by |Money and Work | Comments

Bulletin Today | Money & SavingsFederal regulators announced new rules Thursday that are intended to protect homeowners from getting sucked into the kinds of risky loans that caused millions to lose their properties during the collapse of the housing market. The rules laid by the Consumer Financial Protection Bureau (CFPB) take effect one year from now. Sadly, they’re too late to help families who’ve already foreclosed because they couldn’t afford the terms of their loans. Still, it’s better late than never. Under the terms of the …