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Watchdog Proposes New Mortgage Rules

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  • Description

    FBN's Liz MacDonald breaks down the CFPB's new proposed rules for lenders.

  • Duration 1:21
  • Date

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Thanks to call -- today that the the banks had been worried about new watchdog proposing a slew of tougher rules on mortgage lenders and that includes some of the the big banks of the question is how will they react tell me Liz MacDonald.

Consumer Financial Protection Bureau Richard court jury -- -- -- new rule proposal here's what day you sit and look at he wants -- basically tell banks to stop foreclosure -- For to let mark borrowers modify wants to have banks who better to warm -- -- rate hikes.

Please -- -- -- -- telling congress recently that look these new rules will help heal.

A very troubled credit sector in the US economy here's Richard -- Drake just talk -- their congress just briefly take a listen.

Has it surely concerns you the many consumers today are shut out of certain credit markets especially the residential mortgage market.

Lending standards are quite tight and it appears that many creditworthy borrowers are having trouble buying homes.

This is make it tough on consumers and it's making it tough on the broader economy.

-- but the bottom line is will Bart will basically lenders.

Have any enforcement stick behind these new rules that will scare them into complying that's the question whether or not lenders have just -- it off and it norm.

We don't know what the penalties and fines are you just yet the rules set to enact possibly beginning next year.

All right thank you let's hear it now.

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