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Dodd unveils bill to protect borrowers

In Brief | MORTGAGES

December 13, 2007|From Times Wire Services

The chairman of the Senate Banking Committee introduced legislation to give borrowers more protection from high-cost and predatory mortgage loans.

The bill sponsored by Sen. Christopher J. Dodd (D-Conn.) would give victims of mortgage fraud the right to sue lenders, brokers and investors for losses they incur for failed loans.

The legislation would hold lenders responsible for flawed loans and appraisers responsible for improperly weighing the value of a property.

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