Macroeconomic policy regarding the balance of responsibility between professionals and consumers is constantly oscillating between two poles. The extreme position is to hold either side completely responsible for any harm that occurs in a transaction. Outside of strict products liability (and similar cases), the law tries to strike a balance by holding both sides responsible in some proportion to promote both justice and economic utility. One could think about mortgage lending with a similar conceptual framework, allocating responsibilities for knowledge, understanding and truthfulness onto both sides of a transaction. Even so, we still face the question about whether we want to institutionalize and regularize a system of rights and duties in this industry. We can choose to regard mortgage-lending transactions as retail transactions, with the assumption that both parties are on relatively similar footing in economic power and knowledge. In this case, duties are specified by cont...
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