CFPB Opposes 20 Percent Down Payment, Won't Abuse Powers: Cordray
The Consumer Financial Protection Bureau will not mandate a 20 percent down payment in new underwriting rules for low-risk loans, agency head Richard Cordray testified before the Senate Banking Committee on Sept. 13. The declaration was in response to a question about the CFPB's 'qualified mortgages' proposal, but it was unclear if he also would oppose a 20 percent down payment as part of a separate plan to designate certain loans as QMs. Cordray also said the bureau does not believe it has the power to ignore or rewrite the Dodd-Frank financial reform law.
From "CFPB Opposes 20 Percent Down Payment, Won't Abuse Powers: Cordray"
American Banker (09/17/12) Berry, Kate
St Casimirs Mortgage Minute. . . Help in navigating the mortgage application process. Get advice from Nelson Bayne, 410-342-1404 mortgage specialist with over 35 years of experience in the Baltimore metro area.
No comments:
Post a Comment