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TODAYS TOP STORIES
New federal rules aim to curb risky mortgages
WASHINGTON (AP) -- The Consumer Financial Protection Bureau has rolled out new rules designed to ensure that mortgage borrowers can afford to repay the loans they take out.
The rules, which take effect next year, impose a range of obligations and restrictions on lenders.
Lenders will be required to verify and inspect borrowers' financial records. They generally will be prohibited from saddling borrowers with loan payments totaling 43 percent of the person's annual income.
Risky "interest-only" and "no documentation" loans that helped inflate the housing bubble will be banned. The rules limit features like teaser rates that adjust upwards and large "balloon payments" that must be made at the end of the loan period.
The bureau has proposed amendments that would exempt from the rules some loans made by community banks, credit unions and nonprofit lenders that work with low- and moderate-income consumers.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Posted: Friday, January 11 2013, 08:56 PM CST
IN OKLAHOMA NEWS
Man: Daughter killed in tornado was 'special baby'
May 22, 2013 19:23 GMT
OKLAHOMA CITY (AP) -- An Oklahoma man whose daughter was killed when a tornado struck Plaza Towers Elementary School in Moore says she was his "special baby" who made friends with everyone she met.
Joshua Hornsby's 9-year-old daughter Janae was among seven children killed when the tornado hit the school Monday afternoon. Officials say 10 children in all were among the 24 people killed in the storm.
Hornsby says he drove to the school after hearing a tornado was headed that way but arrived 10 minutes after it struck. He says he also lost his home.
State officials say the damage estimate from the twister that's been rated an EF5 by the National Weather Service could exceed $2 billion.
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OKLAHOMA WEATHER
76°
From the FOX 25 First Forecast Center..
Weather pattern calming down a bit as we head into the holiday weekend. Patchy fog possible in the mornings with an occasional shower or storm through Saturday. ...
Business News
Bernanke signals Fed to maintain stimulus efforts
WASHINGTON (AP) -- Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the Federal Reserve to end its extraordinary stimulus programs.
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BC-US--Dow Record-Three Personal Stories, 1st Ld-Writethru,1173
Dow Record: Three tales of ups, downs and changes
AP Photo FX102, FX103
Eds: With BC-US--Dow Record. Adds photos.
By SCOTT MAYEROWITZ
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NEW YORK (AP) -- When the Dow first crossed 14,000, investors were overjoyed. ...
Science/Tech News
IN THE NEWS: TEENS MOVING TO TWITTER TO DODGE PARENTS, OTHER BORES
WASHINGTON (AP) -- If you're one of those parents who are on Facebook in part to keep an eye on what your kids are up to -- here's a news flash: your kids are on to you and have moved to Twitter.
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DOG BEACH WEAR
LOS ANGELES (AP) -- From bikinis to Hawaiian shirts -- it's time to gear up for the beach.
IE6 Float Fix
