| Title | Fed Seeks Comment on Mortgage Underwriting Rule |
|---|---|
| Message | The Daily Transcript -- The Federal Reserve this week requested public comment on a proposed rule that would establish minimum mortgage underwriting standards, and require creditors to verify a would-be borrower's ability to repay a mortgage before extending a loan. The rule is proposed as a revision to Regulation Z, which implements the Truth in Lending Act (TILA) and is pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. This rule, if implemented, would be in addition to previous Regulation Z rules that went into effect on April 1, setting compensation regulations for loan originators. ... Mark Riedy, executive director of the Burnham-Moores Center for Real Estate at the University of San Diego, said the new regulations would cost consumers time and money in the mortgage market. “I’m pro-consumer, but you don’t need new rules to (protect consumers),” he said. “You just need to enforce the rules that are already there.” (Full Story) |
| Contact | Jeryldine Saville | jsaville@sandiego.edu | (619) 260-4786 |

