Protecting Home Loan Consumers Starts with Simplying Disclosures

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Posted To: MND NewsWire

Elizabeth Warren, Special Advisor to the Secretary of the Treasury for the Consumer Financial Protection Bureau (CFPB), told a House subcommittee yesterday that " A simple, straightforward and consistent presentation of a credit agreement is the best way to level the playing field between consumers and lenders - and among different types of lenders - and foster honest competition." Warren updated the Subcommittee on Financial Institutions and Consumer Credit on the progress of the new bureau which she will be directing but without the title of director. In lengthy testimony she covered the staffing, budget, and outreach already conducted to explain the Bureau to military families, faith-based groups, and state attorneys general. Many people, Warren said, assumed the Bureau would seek to accomplish...(read more)

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Source: www.mortgagenewsdaily.com

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