A recent article in the New York Times highlights several factors that will help determine the fate of this spring’s housing market in the U.S.
Category: Mortgages
A New Era in Real Estate
| Mar 24, 2015
As a product of the Dodd-Frank Act, the Consumer Financial Protection Bureau, a federal agency responsible for consumer protection in the financial sector, was charged with proposing for public comment, rules and model disclosures that integrate the TILA (Truth in Lending Act) and RESPA (Real Estate Settlement Procedures Act) by July 21, 2012.
With many homes being “underwater” (the value of the home is lower than the mortgage amount), some homeowners have been successful in negotiating with banks to forgive a portion of their mortgage.