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New rules in place for lenders

New federal rules that protect home buyers and homeowners from mortgage abuse go into effect today.

The Consumer Financial Protection Bureau has been working on them for about a year, and a state official says they're common sense ideas that mortgage lenders got away from.

Peter Bildsten is the secretary of the Department of Financial Institutions. He says mortgage lenders need to follow the standards. He says the terms of the loan need to be safe, and easier to understand.

Most importantly, Bildsten says no more than 43 percent of a person's gross monthly income should be used to cover a mortgage or car loan.

He says lenders do have some flexibility, but they would lose some protections from a borrower.

posted : January, 10th by WHBY

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