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MortgageDaily – Lenders Warn About Legislative Draft


Senate Banking Committee Chairman Christopher Dodd has drafted legislation that includes provisions unpopular with home lenders. The Mortgage Bankers Association issued a statement warning about the proposed continued "patchwork of state and local lending laws" would confuse prospective borrowers and enable predatory lending. Another provision of concern to MBA is one requiring lenders to retain an interest in securitized loans.
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