Industry NewsMortgage

Lenders want one set of rules

Proposed reforms would let states pass tougher laws
Published on Oct 1, 2009

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by CareyBot

The broad powers to be vested in a proposed Consumer Financial Protection Agency and the ability of states to draft their own, tougher rules for mortgage lenders continue to trouble the lending industry.

A draft bill floated by Rep. Barney Frank, D-Mass., would create an agency along the lines of a proposal put forward by the Obama administration, while attempting to address some lending industry concerns.