You can't please all of the people all of the time. The Feds are proposing controls that will crack down on shady lending practices, those that have lured in the subprime borrowers and left the country on the brink of a recession.
Loan originators are saying that the new rules are too stringent. Mortgage industry representatives are especially upset by the restrictions on prepayment penalties, where borrowers are punished for paying off loans early, and by tighter controls on judging a borrower's ability to afford the loan payments.
Consumer groups see this move by the members of the Federal Reserve as "too little, too late," because it does nothing to help people left holding the bag now.
I guess we'll just have to watch and wait for the next developments.
No comments:
Post a Comment