Since last December, we have heard about new rules that will clean up the lending industry. Below, are a list of some of the new regulations that will be voted on next week by the Federal Reserve Board.
*Lenders CANNOT give loans out without proof of the borrower’s income.
*Lenders could no longer force penalties on borrowers of risky loans who choose to make an early pay off.
*Lenders will be required to have borrowers set aside money for insurance and taxes.