In Tighter Loan Rules, Wiggle Room for Banks

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Federal regulators, apparently concerned about doing anything to disrupt a recovering housing market, allowed mortgage lenders big concessions in a new slate of regulations.

 

But consumer advocates and some industry lawyers say that the safe harbor provision, in practice, will make it difficult for borrowers to pursue an exhaustive legal inquiry. So the safe harbor is seen as a big win for the banks.

 

“There’s this constant struggle between protection and access to credit,” said Leonard N. Chanin, a partner at Morrison & Foerster.

Thom Abbott‘s insight:

You gotta love the power of the lobbying effort….or not. Banks and Borrowers both got something…but you have to wonder who got the better part of the deal.

See on dealbook.nytimes.com

Thom Abbott

I'm a real estate broker living and selling the Midtown Atlanta lifestyle. From high rise condominiums to historic homes, I enjoy everything Midtown Atlanta has to offer. I'll help you find the right home in Midtown Atlanta or any of the other exciting Intown Atlanta communities that border the Midtown Area!

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