Consumer Groups Blast Dodd-Frank Down Payment Proposals

Law360, New York (September 4, 2012, 9:05 PM EDT) -- Consumer groups on Tuesday said a Dodd-Frank Act-mandated proposal requiring all home buyers to put a minimum 10 percent down payment on any home purchase would unnecessarily push middle class and minority families out of home ownership without providing significant additional protections.

The Center for Responsible Lending, the National Association for the Advancement of Colored People, the National Urban League and four other groups said the minimum down payment proposal was unnecessary because of the ban on abusive and deceptive practices that are supposed to be...
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