Federal Reserve Steps Back on New Mortgage Disclosure Rules

This article covers the reasons that the new regulations regarding mortgage disclosures, which have been under development by the Federal Reserve for the past year, have been put on hold. The primary reason for the delay is that the task will be taken on by the newly formed Consumer Financial Protection Bureau this summer. Rather than duplicate this work, the Fed would rather wait until the CFPB is ready to make the rulings. The proposed changes will involve disclosures to consumers receiving mortgages, reverse mortgages, loan modifications and other products.

SOURCE: DSNews, 2/2/11

URL: http://www.dsnews.com/articles/federal-reserve-steps-back-on-new-mortgage-disclosure-rules-2011-02-02