Bond Group Files Brief Against NYC Law

The Bond Market Association has filed a friend-of-the-court brief in opposition to New York City's predatory lending ordinance in a case involving the temporarily suspended law.In the brief, the association said Local Law 36 would "restrict credit to subprime mortgage borrowers and potentially increase city borrowing costs by limiting eligible financial services providers." The association filed the brief in the New York State Supreme Court case of the Mayor of the City of New York v. the Council and the Comptroller of the City of New York. The NYC ordinance is currently suspended due to a temporary restraining order that expires April 8, TBMA vice president Mike Williams told MortgageWire. Experts have said it is unclear whether a new state law slated to take effect April 1 pre-empts the temporarily suspended NYC law. The trade group can be found online at http://www.bondmarkets.com.