NY Ahead Of The Curve With Ban On Mortgage Rate-Based Pay

Law360, New York (August 21, 2012, 2:10 PM EDT) -- New York Gov. Andrew Cuomo's decision to sign legislation banning Empire State mortgage brokers and lenders from profiting on high-interest home loans puts New York ahead of a federal ban contemplated by congressional financial reform legislation, the state law's sponsor said Monday.

The governor's signature puts New York two years ahead of provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act targeting yield spread premiums that aren't due to be implemented until 2014, according to state Sen. Liz Krueger, a Manhattan Democrat.

Yield spread premiums...
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