Tucked into the landmark financial legislation making its way through Congress are little-publicized provisions aimed at preventing a repeat of the mortgage meltdown that ultimately doomed global financial markets. The measures are designed to curb abusive lending practices that lured people into ill-suited loans prone to foreclosure. The overarching goal is to align the financial incentives of lenders with the financial well-being of consumers.
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The National Association of Realtors board of directors voted 729-70 on Monday to ban the controversial practice of “pocket listings.”
This week, the average U.S. fixed rate for a 30-year mortgage rose to 3.75%. That’s 6 basis points above last week’s 3.69% but still more than a percentage point below the 4.94% of the year-earlier week, according to the Freddie Mac Primary Mortgage Market Survey.