Mortgage lenders could face increased litigation from new Wall Street reform law

The SE Texas Record Aug. 27, 2010, 4:42am

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:

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