The Federal Reserve recently unveiled a slew of rules aimed at protecting consumers from abusive lending practices blamed for luring millions into unaffordable home loans.

The rules include a ban on yield-spread premiums, controversial payments that mortgage brokers have historically received in exchange for guiding consumers toward higher-interest rate mortgages. “This will prevent loan originators from increasing their own compensation by raising the consumers’ loan costs, such as by increasing the interest rate or points,” the Fed said.

The ban, set to take effect April 1, would apply to both mortgage brokers and the companies employing them. It also would prohibit loan originators from steering consumers toward loans that aren’t in their best interest but would generate stronger returns for brokers or loan officers. Loan originators would be able to continue receiving compensation based on a percentage of the loan amount.

The Fed says the rules unveiled were being formulated long before historic reforms to the financial sector regulation were passed last month. That legislation includes provisions similar to the yield-spread premium ban unveiled by the central bank on Monday but also covers some loan-origination practices that the Fed’s rules don’t address.

The Fed said Monday that it would require borrowers whose mortgages are sold or transferred to be notified of the changes.

It also proposed that lenders clearly tell borrowers what their mortgage could cost them in a “worst-case” interest rate scenario.

In addition, the Fed rules would require lenders to tell borrowers when balloon payments or minimum payment options could hike loan amounts, and disclose how payments could fluctuate for borrowers who have adjustable- or step-rate loans.

The legislation passed last month includes provisions similar to the rules unveiled by the Fed, but also covers some practices the Fed’s rules don’t address.

Having a high credit score is super-important, especially if you plan on borrowing money soon. But how can you improve it?

Millions of people have found themselves facing foreclosure since the economic climate has shifted so rapidly over the past couple of years. Thanks to President Obama’s Federal Loan Modification Plan, however, thousands of people are starting to see themselves having some new hope that they may be able to keep their home. This loan modification program is all a part of the Federal Stimulus Package and has been funded with a total of $72 billion.

Now is the time for you to take advantage of Obama’s loan modification plan that can help you stay in your own home. You’ll simply need to fill out an application and be approved, so make sure you get help with the application process because it can only be done once. Once you’re approved for the loan modification services you’ll start to see a monthly payment that’s less than 31% of your income monthly and may have a longer repayment period, a lower interest rate, waived late fees and even forgiven principle all due to the loan modification program.

This loan modification program is going to be a once-in-a-lifetime chance for you to save your home and even pay less for the house you’ve come to love. If you’re like millions in this country that aren’t sure if they’re going to make it, it’s time to stop worrying and start taking advantage of the Obama federal loan modification plan that can possibly help you. Don’t wait too long; this plan will no longer be in effect after 2012 and you can lose your chance forever if you wait until you’re already in foreclosure. The first step you need to take is to seek advice from someone knowledgeable about Obama’s Federal Loan Modification Plan to make absolutely certain that you have completely reliable information and are dealing with someone who is qualified and capable of helping you with saving your home.

Here are four inexpensive ways to keep your yard mosquito free during these "dog days of summer."

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Before you start shopping for a new home, it is important to be aware of the essential tasks that must be taken in order to make sure you get the home of your dreams at a price you can afford. To make buying a home easier, below is a list of the do’s and don’ts when buying a new home:

• Do Maintain a Good Credit Score: Lenders look at the credit score of a potential mortgage borrower to make sure they will be able to pay the monthly mortgage payments. It is important that you check your credit rating for any errors and clean up any outstanding bills. Make sure you always pay your bills on time, particularly your credit cards and other loans.

• Do Get Pre-qualified: Before you start searching for a new home, it is important to get pre-qualified for a mortgage from a reputable lender. By getting pre-qualified, you will know much you will able to spend on a new home. This will help you narrow your search for a home you can afford and make legitimate offers. As well, you are more likely to receive an accepted offer if you have a prequalification certificate.

• Do Use a Licensed Real Estate Agent. Real estate agents take the hassle out of the home buying process. The agent will act according to your best interests and will find a home that meets your needs. They are also familiar with the appropriate documentation you will need to get a mortgage, help you arrange for an appraiser, and they will know about all features of home and the surrounding community so that the price you pay is fair.

• Don’t Take on Any New Loans: While you are waiting to get qualified for a mortgage, don’t take out any new loans. It will look bad on your credit rating and it will increase your monthly expenses. Also, it will reduce the amount you can spend as a down payment on the new home.

• Don’t Max Out Credit Cards: If you max out your credit cards, it will drastically reduce your credit score which will reduce your chances of getting a mortgage. If your credit cards are at their limit, consider paying them down before you apply for a mortgage. Also don’t consolidate your credit cards as it will cause your minimum payments to increase and it can hurt your credit score as it will look like you maxed out that one card.

• Don’t Switch Jobs: Lenders look favorably on people who have stayed at one job for a long period of time. It shows your job history is consistent and safe. If you switch jobs before getting approved for a mortgage, it will negatively affect your mortgage approval.

Because buying a new home is such an important life event, it is essential that you have the knowledge of the home buying process and what steps you have to take to ensure you get the best home that meets your and your growing family needs. By doing so, it will help make sure you live comfortable and happily for many years in a home that you love.