Law360, New York (April 27, 2012, 4:52 PM ET) -- Banking and real estate industry trade groups urged the Consumer Financial Protection Bureau on Friday to structure a new rule aimed at protecting consumers against risky mortgages as a “safe harbor” that would curb risks of "groundless" lawsuits against lenders.
The CFPB is charged with finalizing a rule this year requiring that lenders determine that a borrower is able to repay his or her mortgage before issuing a loan, unless the borrower is applying for a so-called qualified mortgage.
In a letter Friday, the American Bankers...
Industry Urges CFPB To Cut Lawsuit Risk In Housing Rule
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