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Abstract: 

The Federal Reserve Board’s proposal would create a new category of higher-priced mortgage loans that would receive additional protections beyond those that are proposed for mortgages secured by a borrower’s principal dwelling. The Board concedes in the preamble that full disclosure may not provide enough protection, given that consumers are likely to focus on a limited set of features, and disclosure of all features may be a case of providing more information than many people could absorb.

Keywords: Truth in Lending Act; Home Ownership and Equity Protection Act

Affiliations:  1: Consultant.