New mortgage affordability rules offer hope

Current standards too strict for their own good

"What is your assessment of the new set of regulations issued by CFPB?"

My quick reaction to the hundreds of new mortgage rules recently issued by CFPB, contained in 804 densely packed pages, is that the agency has done a creditable job in an incredibly difficult situation. The rules cover a lot of territory, but those pertaining to borrower affordability probably have attracted the most attention. This article will comment on the new affordability rules, leaving other important issues for future columns.