Friday, September 3, 2010
Why the argument over ‘too big to fail’ could be too big to lose
I recommend HPC contributors have a read on Wikipedia of the provisions of the Dodd-Frank Act which is already law. It is all news to me. Mortgage originators (Title XIV) must make a good-faith effort to ensure that the mortgagee will be able to repay the loan. If this effort was not made it can be used as a defense against foreclosure. They seem to be well ahead of us as we are still in 'consultation' and half of UK mortgages granted are still liar loans.