New mortgage rules: No traps, no runarounds - wave3.com-Louisville News, Weather & Sports

New mortgage rules: No traps, no runarounds

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NEW YORK (NBC News) - Starting today home buyers can expect new protections against the risky loans that contributed to the housing crisis.

The new rules are intended to protect home buyers from losing their homes to foreclosure.

They create a new class of home loans called "qualified mortgages."

The Consumer Financial Protection Bureau says these are "safer and easier to understand" than many of the loans approved before the financial crisis.

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