Bill Introduced In Congress To Curb Lending Abuses

Law360, New York (October 22, 2007, 12:00 AM EDT) -- The chair of the House Committee on Financial Services introduced legislation Monday that could open the door to a wave of consumer lawsuits against companies that securitize mortgages and loan originators that fail to meet the proposed bill’s standards.

Rep. Barney Frank (D-Mass.) and two other congress members drafted H.R. 3915, titled “The Mortgage Reform and Anti-Predatory Lending Act of 2007,” in an effort to repair the faltering mortgage industry in the wake of the recent subprime debacle. If passed, the bill will change the way...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.