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Released: June 02, 2011
Advocates and bankers join to fight loan rules
Source: Edward Wyatt & Ben Protess, N.Y.Times (Free Registration)
The weight of the mortgage crisis fell heavily on lower-income and minority communities, where first-time home buyers often fell victim to the predatory lending practices that resulted in an explosion of defaults and foreclosures. That left consumer advocates and civil rights groups frequently at odds with bankers, mortgage lenders and their lobbyists during the debate over the financial regulation act last year, which aims to rein in the subprime mortgage excesses that inflated the housing bubble. Now, as banking regulators are rewriting the rules for the mortgage market, unusual alliances have sprung up in opposition to tighter lending standards.Read Full Article: Advocates and bankers join to fight loan rules
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