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.
The new rules could help prevent another crisis, but they also have the potential to reduce...
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