New Mortgage Protection Rules Proposed

5:29 PM, Aug 10, 2012   |    comments
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WASHINGTON, DC (WUSA) -- When it comes to your mortgage statement, do you really understand what you're reading?

You will soon if the Consumer Financial Protection Bureau has its way.

New rules would require mortgage companies to send you a clear monthly statement. 

They will have to warn you before they increase your interest rate.

Mortgage lenders will have to credit your payment quickly, and help you avoid foreclosure.

Youi can weigh in on the proposal until the ninth of October.

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