Violations Of Minnesota's New Anti-Predatory Lending Law Alleged In Suit By Elderly Couple

In St. Paul, Minnesota, Minnesota Public Radio reports:

• Last year, state lawmakers passed a new consumer protection law designed to prevent mortgage lenders from overcharging borrowers. Now an elderly couple from Red Wing has filed what appears to be the first lawsuit under Minnesota's Anti-Predatory Lending law. It could be the first of many such suits under the law, which is meant to protect homeowners from unscrupulous lending practices.

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• [The state's Anti-Predatory Lending law] makes it illegal for mortgage companies to charge excessive fees. It requires brokers and lenders to act in the best interest of the borrower. And it requires verification of a borrower's income and ability to pay. [...] As in other states, foreclosures are continuing at record levels in Minnesota. The state's predatory lending law is meant to stem the tide of homeowners losing their homes.

For more, see Elderly couple files first lawsuit under new anti-predatory lending law.

For other posts on homeowners using Federal & state consumer protection statutes to try and undo bad mortgage loans, Go Here and Go Here.