Here’s a little nugget that should make the handful of remaining Wall Street Occupiers’ heads explode:
As regulators complete new mortgage rules, banks are about to get a significant advantage: protection against homeowner lawsuits.
The rules are meant to help bolster the housing market. By shielding banks from potential litigation, policy makers contend that the industry will have a powerful incentive to make higher quality home loans.
But some banking and housing specialists worry that borrowers are losing a critical safeguard. Industries rarely get broad protection from consumer lawsuits, and banks would seem unlikely candidates given the range of abuses revealed during the housing bust.
Banks Seek a Shield in Mortgage Rules [DealBook]