Banks hope for a strong safe harbor in mortgage rule

12/18/2012 | New York Times (tiered subscription model), The

The Consumer Financial Protection Bureau is weighing how much legal protection banks should have from homeowner lawsuits as it prepares to release a "qualified mortgage" rule, required by the Dodd-Frank Act. The agency says it's on track to release a proposal by the Jan. 21 deadline. Banks say they want a broad definition of qualified mortgages and that without strong legal protections, they will cut back on lending. Consumer groups contend the banks are overstating their risks.

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