The myriad of state and local predatory lending laws is seriously affecting lenders' ability to provide credit, the chairman-elect of the Mortgage Bankers Association of America has warned the National Conference of State Legislatures.Robert M. Couch told the group that the mortgage industry supports strong enforcement of predatory lending laws, but that the cost of compliance with so many laws will only get passed along to the customer. Uniformity of laws is a necessary element to solving the problem of predatory lending, Mr. Couch said. Also needed are customer education, simplification of the mortgage process, and vigorous enforcement of existing laws, he said. The MBA can be found on the Web at http://www.mbaa.org.
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