New CFPB Mortgage Rules May Hurt Developers, Spur Suits

Law360, New York (January 15, 2013, 9:54 PM EST) -- New rules from the Consumer Financial Protection Bureau meant to protect consumers and lenders from high-risk mortgage lending practices could also dampen residential developers’ prospects and spur a deluge of new consumer litigation, real estate attorneys said.

The CFPB on Thursday released the long-awaited finalization of mortgage lending rules prompted by the 2008 mortgage crisis, requiring banks to be a great deal more discerning when making loans and creating new protections for both borrowers and banks when loans can be categorized as so-called qualified mortgages....
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.