The Consumer Financial Protection Bureau
on Thursday will roll out the first of several far-reaching changes to
the nation’s mortgage market, limiting upfront fees and curtailing
practices such as interest-only payments that can leave homeowners stuck
with unsustainable loans. The agency also will set standards for how
much income a consumer must have to obtain a mortgage.
This marks the first time the government has spelled out what
constitutes a “qualified mortgage,” an effort to prevent the widespread
toxic loans that hurt millions of Americans during the housing crisis.
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