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Sat November 30, 2013
Michigan home buyers may face new problems
Critics say proposed legislation in Congress could hurt many home buyers in Michigan and the nation.
The bills would allow exceptions to new limits on bank fees for mortgages. And it would become easier to give borrowers loans they can't afford.
Gary Kalman is with the Center for Responsible Lending.
He says the so-called "Mortgage Choice Act" would undermine what he calls a fair and balanced compromise.
“There are many lenders and even banking trade associations that said they can live with the rule as is,” says Kalman, “There’s just certain players that are trying to squeeze out every last dollar from a borrower that they can.”
New policies designed after the mortgage crisis are scheduled to go into effect January 10th.
They would cap “points and fees” for mortgages at three percent of the total loan amount.
Backers of the Mortgage Choice Act argue the regulations are too stringent and changes are needed to clarify the definitions of 'points' and 'fees.'