Lenders Halt Exodus from County in Maryland - Mortgage Forums for Mortgage Brokers

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Lenders Halt Exodus from County in Maryland

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03-08-2006, 10:13 PM

Veronica Corningstone Veronica Corningstone is offline

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Lenders Halt Exodus from County in Maryland

A Montgomery County circuit court judge has granted a temporary injunction that halts implementation of the county's recently enacted predatory lending ordinance. The Mortgage Bankers Association told reporters in a conference call Monday that the law, which increased the fine for predatory lending violations from $5,000 to $500,000, had resulted in 50 lenders no longer doing business in the county.

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