Real Estate

Biden administration may undo certain Trump-era mortgage rules

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Kathy Kraninger, former president Donald Trump’s appointee to head the Consumer Financial Protection Bureau.

Andrew Harrer/Bloomberg via Getty Images

“Big deal”

Both are a type of qualified mortgage, a category that carries legal protections for lenders from consumer lawsuits. That may happen, for example, if borrowers can’t make monthly payments and lose their homes to foreclosure.

The new rules are scheduled to phase in starting March 1.

“It’s a big deal,” Patricia McCoy, a professor at Boston College Law School, said of the CFPB’s notice to possibly tweak the Trump-era measures. “The Seasoned QM rule is a really, really dangerous rule for consumers.”

If undertaken, the rulemaking process…



Source cnbc.com

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