“Rare Coalition Urges Limits on Mortgage-Related Bank Lawsuits Bankers”

The Wall Street Journal reports today that bankers and housing advocates are teaming up in effort to ease mortgage access for borrowers with weaker credit.

A rare coalition of mortgage lenders and left-leaning consumer advocates are calling on the Obama administration to ease up on lawsuits they say are driving banks away from making loans to borrowers with weak credit histories.

In three nearly identical proposals, the Mortgage Bankers Association, 15 left-leaning advocacy groups, and researchers from the Urban Institute and Moody's Analytics are asking the administration to restrict one of the most powerful tools the U.S. government has used to punish banks for mortgage mistakes.

The full story is here.

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