NHEMA warns governments about Georgia law shortcomings.

Position:Business Alert - National Home Equity Mortgage Association - Brief Article

THE NATIONAL HOME EQUITY MORTGAGE Association (NHEMA), Washington, D.C., is urging state and local governments that may be considering their own version of the Georgia Fair Lending Act (GFLA) to avoid repeating Georgia's mistakes.

While GFLA was intended to protect home-equity borrowers against predatory lending practices, its actual effect has been to restrict Georgians' access to credit, according to NHEMA. By making every institution with any involvement in a loan liable to lawsuits and effectively limiting home-equity lending only to those with the best credit, GFLA has forced...

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