Cordray divides banks with ability-to-repay loan rule – Carter Dougherty and Clea Benson (Bloomberg News)

May 1, 2012

“Richard Cordray wants lenders to adhere to the most basic tenet of banking: making sure borrowers can repay. Getting them to agree on how is proving tougher… “This rule is aimed directly at the core deficiencies in the mortgage market that produced unsustainable loans, an inflated housing market, and resulting widespread economic hardship,” Americans for Financial Reform, a coalition of consumer advocacy groups, wrote Cordray in an April 18 letter.” Click here for more.