Industry Urges CFPB To Cut Lawsuit Risk In Housing Rule

By Erin Fuchs (April 27, 2012, 4:52 PM EDT) -- 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 Association, the National Association of Realtors and roughly 20 other banking and real estate groups...

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