Lawmaker: CFPB needs to change rule on high-cost mortgages

01/8/2013 | Housing Wire

Sen. Sherrod Brown, D-Ohio, is asking the Consumer Financial Protection Bureau to adjust a Dodd-Frank Act rule that defines a high-cost mortgage as a first mortgage with interest rates of 6.5% on homes valued at less than $50,000. He says the rule will curb lending to those who can afford only manufactured housing.

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