CFPB grants small lenders flexibility on mortgage rules

05/30/2013 | Wall Street Journal, The

The Consumer Financial Protection Bureau will give small lenders flexibility under its new mortgage rules. For two years, the CFPB will allow lenders with less than $2 billion in assets to make loans with balloon payments, which the new law prohibits. Small lenders say such loans are popular in rural areas and had argued that the new rules would restrict credit. The CFPB will study the issue during the two-year period.

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Wall Street Journal, The

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