State AGs’ Borderline View of Legality in Predatory Lending Raises Legal Issues, Concern Among Compliance Attorneys
April 27, 2006
State attorneys general will continue to take enforcement actions against lenders that misuse loan terms and practices long considered legal in the mortgage industry, but compliance experts warned that such an approach could blur lender compliance with consumer protection laws. In an audio conference on predatory lending hosted by Inside Mortgage Finance Publications last week, Iowa Attorney General Tom Miller said that state AGs will continue to monitor mortgage lenders operating in many states…