The Federal Reserve Board is proposing enhanced consumer protections and disclosures for home mortgage transactions. Changes proposed include significant changes to Regulation Z (Truth in Lending). The latest proposal would:
Improve the disclosures consumers receive for reverse mortgages and impose rules for reverse-mortgage advertising to ensure advertisements contain accurate and balanced information;
Prohibit certain unfair practices in the sale of financial products with reverse mortgages;
Improve the disclosures that explain a consumer’s right to rescind certain mortgage transactions and clarify the responsibilities of the creditor if a consumer exercises the right; and
Ensure that consumers receive new disclosures when the parties agree to modify the key terms of an existing closed-end mortgage loan.
The comment period ends 90 days after publication of the proposal in the Federal Register, which is expected shortly.
More info. http://www.federalreserve.gov/newsevents/press/bcreg/20100816e.htm
My Millionaire Mentor 2011…
Thanks for this! I’ve been searching all over the web for the info….
iPad 2…
This has truly sparked up an concept in my thoughts. That is a amazing web site article….
Glad to help, Douglas & Bud Zeller