5/19/2011

The Consumer Financial Protection Bureau released a couple of prototype mortgage documents meant to curb confusion and paperwork for borrowers and make it easier for them to compare home loans. The banking industry is raising concerns about the new forms, saying the change could limit their offerings and curb innovation. Banks are also concerned that the simpler mortgage form could leave lenders open to lawsuits. "We live in a litigious society," said Steven Zeisel, general counsel for the Consumer Bankers Association.

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