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Court upholds mortgage regulation

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The Supreme Court ruled 5 to 3 yesterday to uphold a regulation issued six years ago by the office of the comptroller of the currency that bars states from regulating mortgage lending subsidiaries of national banks. Consumer groups and bank regulators from all 50 states have asked for the regulation to be overturned at a time when the mortgage industry seems to need more oversight than ever. In an opinion by Justice Ruth Bader Ginsberg, the court held that subsidiaries should be held to “the same terms and conditions that govern the national bank itself.” more [NYT]

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