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July 18, 2008
Fed Finalizes Final Amendment to HOEPA
The Federal Reserve Board approved a final rule amendment today to the Truth in Lending Act (TILA), or Regulation Z, requirement of the Home Ownership and Equity Protection Act (HOEPA). This rule addition, which addresses “higher-priced” mortgage loans, loans taken out against a consumer's principal dwelling, and loans advertising standards will further regulate mortgage lending practices and ensure that consumers are protected against many of the same unscrupulous practices that led to the subprime loan delinquencies the market is seeing today.
Posted by S. Germain at July 18, 2008 08:22 AM