Focus: Banking & Finance commentary piece

Richard Hackett

Source

Mainebiz

Date

12-10-2007

Pages

29

Abstract

"Focus: Banking & Finance" commentary piece by Richard Hackett and Lori Desjardins, attorneys at Pierce Atwood LLP in Portland. Maine's new predatory lending law imposes complex and difficult restrictions on local banks looking to issue refinance loans to consumers for their subprime mortgage loans. Banks refinancing a loan must prove that the loan provided a "tangible net benefit" to the consumer. New rules for subprime lending create more uncertainty, prohibiting a lender from extending a subprime loan unless the borrower has the ability to make the scheduled payments and the lender can prove it. Pending federal legislation in predatory lending may create yet another new set of rules for Maine banks to follow.

Subjects

Loans, Lawyers, Pierce Atwood Portland

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