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."
(Copyright ©2008 by The Associated Press. All Rights Reserved.)
TV Station Profiles & Public Inspection Files forWACH