Consumer watchdog completes work on sweeping mortgage rules

By Vicki Needham – 09/13/13 03:01 PM ET

The nation’s top consumer watchdog wrapped up work Friday on sweeping mortgage rules designed to ensure that borrowers can repay their loans.

The Consumer Financial Protection Bureau (CFPB) said that it has finished making suggested changes to its qualified mortgage (QM) rules, which provide specific guidelines for lenders and borrowers, with the aim of smoothing the implementation process.

“Our mortgage rules were designed to eliminate irresponsible practices and foster a thriving, more sustainable marketplace,” said CFPB Director Richard Cordray in a statement.

“Today’s rule amends and clarifies parts of our mortgage rules to ensure a smoother implementation process, which is helpful to both businesses and consumers.”

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