Purchasers of troubled (or even untroubled) mortgages take note: if you buy a residential lien you will have "affirmative disclosure obligations" to consumers under the new 'Helping Families Save Their Homes Act of 2009' which Congress passed this week. According to Laurence Platt of K&L Gates LLP, even though the law has a "safe harbor" for servicers, the new statute will subject purchasers of mortgage loans to civil liability if they fail to make the required disclosures. One non-performing loan investor told us the law is a minor headache for him, noting that his firm will send 'Hello Letters' to consumersâ¦
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