LaFalce Seeks Prohibition of Overcharges, Unearned Fees
May 27, 2002
Rep. John LaFalce, D-NY, introduced legislation last week outlawing markups and undisclosed lender fees. H.R. 4818, the “Mortgage Loan Consumer Protection Act,” came on the heels of a federal court ruling rejecting the government’s view that overcharges without additional service being provided violate the Real Estate Settlement Procedures Act (see previous story).