The nation's top regulators have devised a plan to prevent the next mortgage boom and bust. Sounds like good news, right? Unfortunately, we may be operating under the law of unintended consequences. The very rules that could strengthen the mortgage market could hurt borrowers. I discussed the new rules and how they may impact consumers with WCBS-TV this morning.
The banking and real estate industries are fuming about the potential new rules. Speaking before US Chamber of Commerce conference, JP Morgan CEO Jamie DImon warned that the new capital rules could be "the nail in our coffin for big American banks." Um, I doubt that, but it's clear that the gloves are coming off over the next sixty days. During that time, you might want to give your friendly mortgage broker a call and get that re-fi nailed down, once and for all!
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