Landmark Consumer Protection Law Heavy with Strong Mortgage Rules

President Obama recently signed the landmark H.R. 4173: Restoring American Financial Stability (RAFS) Act of 2010 which, in part, eliminates many of the lax mortgage lending practices that sparked the financial meltdown.

Among its provisions, the far-reaching new law creates a new Federal Reserve-based watchdog, the Consumer Financial Protection Bureau to ensure consumers get clear, accurate information necessary to shop for mortgages, credit cards and other financial products. It also protects consumers from hidden fees, predatory terms and deception.

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