What changes did the Dodd-Frank Wall Street Reform and Consumer Protection Act make to reform lending regulation?
What will be an ideal response?
After the country suffered a major financial and economic depression in the mid-2000s, Congress decided that the bank system needed to be reformed. To accomplish this, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires mortgage lenders to make a reasonable and good-faith determination that a borrower has the ability to repay the loan. This must be based upon the verified and documented income and assets of the proposed borrower. In a foreclosure action brought by a lender, a borrower may assert a violation of this standard as a defense to the lender recovering money from the borrower.
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