Financial Reform Bill May Reduce Choice in Mortgage Industry

The new financial reform bill contains provisions that may drive up costs and reduce choice for consumers in the mortgage industry, The Wall Street Journal reports.

Provisions in the bill reduce originators' ability to offer riskier mortgages, such as those for which borrowing costs are initially low but then rise sharply, The Wall Street Journal reported. The bill also gives consumers greater scope to seek damages if they are given a loan they can't afford. The industry says this increased legal liability may lead to more expensive mortgages.

"There's not going to be any room for experimentation or trotting out loans that have new features," Glen Corso, managing director of the Community Mortgage Banking Project, which represents small, independent mortgage lenders, told The Wall Street Journal.

Increase your money and finance knowledge from home

Economics 101

Intro to economics. But fun.

View Course »

How to Buy a Car

How to get the best deal and buy a car with confidence.

View Course »

Add a Comment

*0 / 3000 Character Maximum

1 Comment

Filter by:
willim_oram

Great, really it is a best mortgage blog. Thanks for share this.


http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-calculator/
http://www.reversemortgagelendersdirect.com/reverse-mortgage-information/
http://www.reversemortgagelendersdirect.com/reverse-mortgages-pros-and-cons/
http://www.reversemortgagelendersdirect.com/how-does-a-reverse-mortgage-work/

August 01 2013 at 3:38 PM Report abuse rate up rate down Reply