States and consumer groups recently won a rare victory in the pre-emption wars with the banking industry as part of legislation addressing the nation’s mortgage crisis. But just how large and lasting a victory it will be is uncertain.
As Congress continues to struggle with a legislative plan to ease the homeowner and subprime mortgage crisis, state legislatures have moved aggressively to curb abusive mortgage foreclosure practices, according to Neal Osten, federal affairs counsel to the National Conference of State Legislatures (NCSL).
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