You are currently viewing Buying a Home? Without the CFPB, You Need to Be Your Own Watchdog.

The C.F.P.B. had kept a close eye on mortgage lenders. But with the bureau hobbled, consumers should take several steps, starting with shopping for the best mortgage rates.

House prices are stubbornly high, and mortgage rates remain substantially above their prepandemic level. Now, with the spring home buying season looming, shoppers have a new worry: A major federal consumer watchdog has been hobbled.

Without the Consumer Financial Protection Bureau, the agency responsible for overseeing most aspects of the home buying process, consumer advocates say home buyers need to be their own watchdogs.

“Now, when you buy a house, you are much more vulnerable to being misled,” said Sharon Cornelissen, housing director with the Consumer Federation of America. “It’s important to be on guard, because guardrails are being taken away.”

Buying a home is the biggest financial decision most Americans will make in their lives. The typical home price is about $397,000, according to the

Keep reading this article on The New York Times Your Money.

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