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Mortgage Broker Charged In Predatory Case

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David C. Johnson

Senior Member
Jan 15, 2002
<span style='color:darkblue'>Interesting.

"[It is the] FTC contention that a lender
may be held liable for the actions of a
broker, who is licensed by the State and
operates independently."

I would certainly hope there is liability in such circumstances -- as has been the case everywhere else for eons. Common Agency Law goes waaaaaay back. Cavemen (OK, and Caveladies, too), and a reported 86.4% of their toddler children, as well as several orders of now extinct primates, understood this concept as axiomatic and self-evident.

However, if some mortgage lenders have so far managed to exempt themselves from any universally-recognized fair business practices (fairly par for the course, actually), this case appears to present a timely precedent.

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