New Mexico Gov. Bill Richardson has signed a bill that repeals Section 7 of the state's Home Loan Protection Act, because it could have imposed assignee liability with regard to manufactured housing home loans.Section 7 was said to be problematic because it was not limited to high-cost home loans. Many in the lending industry expressed concern that the broad language used in the act could seriously hamper manufactured home lending and cash-out refinance lending in the state.

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