New mortgage rules have moved in

Description

Abstract: In January, the Consumer Financial Protection Bureau (CFPB) introduced new rules intended to keep consumers from having mortgages they can’t afford to repay. As this article explains, financially weak consumers can expect greater bank scrutiny, while, at the same time, banks are more limited in the terms they can set and the fees they can charge. A sidebar lists several considerations that should be involved in any decision regarding whether to pay cash for a home.