New Lending Rules Could Have Significant Impact on Consumers

Congress is expected to vote next week on new rules regulating the loan business. The new rules would likely get rid of s-called predatory lending, but lenders caution that it would also make the financing process more expensive and loans more difficult to obtain. The new legislation would require lenders to inform borrowers the maximum they could pay on an adjustable-rate mortgage (ARM) and to thoroughly explain that the borrowers’ payments will fluctuate based on current interest rates.
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