Big Developments in the Mortgage Industry

Mortgages, a dirty word now in the American Financial Industry. We all would like to put these bad mortgages that crippled our financial industry behind us. Thankfully, there has been major strides in accomplishing just that.

The Federal Consumer Financial Protection Bureau has issued a major ruling specifying the meaning of  “safe and affordable mortgage lending that turns on the borrower‘s ability to pay”

The US comptroller made an 8.5 billion settlement with 10 big banks recently. A payment agent will be appointed to administer payouts. Eligible borrowers will be contacted no action will be required by the borrower.

Additionally Bank of America received approval to sell billions of mortgage servicing rights to those who specialize in the mortgage business. Soon over two million mortgages will be shifted from BOA, Fannie Mae and Freddie Mac to specialty firms.

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