Mortgage lenders could face increased litigation from new Wall Street reform law
The Dodd-Frank Wall Street Reform and Consumer Protection Act passed by Congress this summer has tightened mortgage rules and increased homeowners' potential damages in litigation against mortgage lenders.
According to a summary of the Act from Mayer Brown law firm of Chicago, a lender who doesn't verify a borrower's ability to repay a loan faces liability for all interest and fees a borrower has paid.
Writer Steve Korris examines the new law in the first part of a series for Legal Newsline.
Read the full story here: http://legalnewsline.com/spotlight/228492-dodd-frank-reform-law-invites-new-litigation-opportunities-against-mortgage-lenders.