Fed Unveils Slew of Mortgage Rules

Wall Street Journal "The Federal Reserve unveiled a slew of rules Monday aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans. The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs, such as by increasing the interest rate or points,” the Fed said."