The Devolution Of Mortgage Reform

Law360, New York (January 30, 2014, 12:42 PM EST) -- From the late 1990s to the late 2000s, many people took advantage of the availability of subprime mortgages and realized their dreams of home ownership. During that time, some lenders offered subprime loans, often without any regard for the borrower's repayment prospects.

In many instances, loans were being approved based on the contents of the loan application, without verifying the accuracy of the information in the application. These subprime mortgages were made to less creditworthy borrowers with unconventional terms, including escalating interest rates and negative amortization....
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