(Reuters) - WASHINGTON, June 29 - U.S. bank regulators issued
new standards for subprime mortgage lending on Friday that
includes several new consumer protections.
Subprime borrowers should not be penalized for refinancing
out of a mortgage before the interest rate resets to a higher
level, according to a statement of principles issued by the
regulators. The guidelines also call for lenders to warn
borrowers when a reset is coming and grant them at least 60
days to refinance.
Read more at Reuters.com Government Filings News
new standards for subprime mortgage lending on Friday that
includes several new consumer protections.
Subprime borrowers should not be penalized for refinancing
out of a mortgage before the interest rate resets to a higher
level, according to a statement of principles issued by the
regulators. The guidelines also call for lenders to warn
borrowers when a reset is coming and grant them at least 60
days to refinance.
Read more at Reuters.com Government Filings News
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