According to The New York Times, it appears as if banks are about to get a significant advantage when it comes to the new mortgage rules.
Regulators will include protections against homeowner lawsuits.
Many are not too impressed with this, especially due to the various abuses by banks during the housing bust.
"Big financial institutions have faced an onslaught of litigation since the downturn, although mostly by the government, investors and other companies instead of borrowers. In February, five large mortgage banks reached a $26 billion settlement with government authorities that aimed, in part, to hold banks accountable for foreclosure abuses."
Alys Cohen, a lawyer at the National Consumer Law Center, told The New York Times that even a more modest legal shield would still favor the banks.
Spanish Property Prices Expected To Rise In 2017The protections against homeowner lawsuits are being put in place in an attempt to bolster the housing market.
Regulators will include protections against homeowner lawsuits.
Many are not too impressed with this, especially due to the various abuses by banks during the housing bust.
"Big financial institutions have faced an onslaught of litigation since the downturn, although mostly by the government, investors and other companies instead of borrowers. In February, five large mortgage banks reached a $26 billion settlement with government authorities that aimed, in part, to hold banks accountable for foreclosure abuses."
Alys Cohen, a lawyer at the National Consumer Law Center, told The New York Times that even a more modest legal shield would still favor the banks.
Spanish Property Prices Expected To Rise In 2017The protections against homeowner lawsuits are being put in place in an attempt to bolster the housing market.
