At the same time, rules must be flexible enough to allow creditors to consider the pertinent factors and individual circumstances of particular consumers and to innovate prudently and fairly. The Mortgage Reform and Anti-Predatory Lending Act of 2007 would require originators to present borrowers with loans that are appropriate to the borrower's circumstances.
In the  4  BIS Review 120/2007  case of refinancings, the bill provides that the loan must provide a "net tangible benefit" to the borrower. As I have discussed, the Board supports the goal of ensuring that consumers do not receive unaffordable and abusive loans.