A wave of state laws and regulations aimed at curbing unsuitable mortgage loans is opening the door to more litigation by allowing borrowers to file lawsuits instead of complaining to regulatory agencies. The laws are also creating compliance work for lawyers assisting national lenders faced with a thicket of new state requirements. The laws, which kick in between January 2007 and early 2008, allow private lawsuits, frequently under state consumer protection or unfair or deceptive acts or practices laws.
November 08, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
A wave of state laws and regulations aimed at curbing unsuitable mortgage loans is opening the door to more litigation by allowing borrowers to file lawsuits instead of complaining to regulatory agencies.
The laws are also creating compliance work for lawyers assisting national lenders navigating a thicket of new state requirements.
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