August 13, 2007
Doh! (Law of Unintended Consequences Edition)
The local fishwrapper reports on some unintended consequences of Ohio's tough new law "protecting" people from predatory lenders:
Praised by Democrats, Republicans and consumer advocates alike, the law has done much of what it was supposed to do, mortgage brokers and real-estate professionals say, by protecting consumers from incurring debt they can't afford to repay.
But the law also has made it harder -- close to impossible, some say -- for certain previously well-qualified borrowers to get a loan.
And file this one away under in your "rule of man" file:
"[Ohio's new Attorney General]Marc Dann is looking for someone to break his rules, and nobody wants to be his test case."
Posted by Robert Lawson at 02:54 PM in
Economics