After Pressure From Sen. Brown, Fed Rules to Maintain Key Protection for Homeowners

WASHINGTON, D.C. – February 2, 2011 – (RealEstateRama) — Following pressure from U.S. Sen. Sherrod Brown (D-OH), the Federal Reserve Board announced that it would maintain critical protections for homeowners outlined in the Truth in Lending Act (TILA). In January, Brown and five of his Senate Banking Committee colleagues urged the Federal Reserve to reconsider proposed rules that would eliminate the ability of homeowners to stop foreclosures and rescind predatory home loans.