Fair Lending and Related Mortgage Updates: State, County and Municipal Regulation and Litigation
What may we expect over the next few years, regarding new or increased focus on fair lending and related residential mortgage issues?
Continuing regulation and litigation at state, county and municipal levels are focusing on containing and mitigating neighborhood blight that allegedly occurred in part due to improper underwriting and unfair loan terms, resulting in concentrations of vacant foreclosed properties in certain neighborhoods. This white paper reviews case law that has given the go ahead to enforce substantive state fair lending and anti-discrimination laws in court against national banks; and discusses how, in the next several years, trial courts (and juries) will be providing additional guidance on how to calculate Fair Housing Act damages that are “proximately caused” by a mortgage lender’s or servicer’s acts.
Partner in the New Haven, Connecticut, office of Hudson Cook LLP, headquartered in Maryland
Past chair of the Truth in Lending Subcommittee of the Consumer Financial Services Committee of the American Bar Association's Section of Business Law
Past chair of the Consumer Law Section of the Connecticut Bar Association
Fellow of the American College of Consumer Financial Services Lawyers, and a member of the Conference on Consumer Finance Law and the Board of Editors of The Banking Law Journal (a LexisNexis A.S. Pratt publication)
J.D. degree, cum laude, University of Michigan Law School