Gov't Unveils Mortgage Disclosure Rules

By: Associated Press Email
By: Associated Press Email
Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules by the federal government.

Home for sale signs line a street of a new subdivision in Cascade Locks, Ore., Wednesday, April 9, 2008. The Bush administration announced new steps Wednesday to help more homeowners head off foreclosure. The Senate, in the meantime, worked to complete a bipartisan housing bill the White House says would worsen the mortgage mess. (AP Photo/Don Ryan)

Washington (AP) Prospective home buyers would get a simpler way to understand often-confusing mortgage terms under new rules by the federal government.

The Department Of Housing and Urban Development is overhauling a 1974 law requiring lender to give a so-called “good faith estimate” of mortgage costs, including lenders' payments to mortgage brokers.

Hud Secretary Steve Preston said Wednesday in prepared remarks that “consumers deserve to understand this, and they need to get credit for essentially paying these premiums.”

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