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Who Pays For “Consumer Protection”?

Publication Date: 
November 28, 2007
The Leland Tribune
John Hood

Professor Marcus G. Cole's recent paper "Protecting Consumers From Consumer Protection: Watters v. Wachovia Bank" is referenced in a Leland Tribune article about informed mortgage borrowing and lending and "imposing price controls and other regulations on the contracting parties" in the current sub-prime mortgage crisis:

Marcus Cole, professor of law at Stanford University, concluded in a recent paper (caution, PDF), lower-income households in all three states bore the cost of these regulations in the form of lower access to credit. Several studies of North Carolina’s so-called predatory lending laws, for example, found significant reductions in the number of mortgages secured by lower-income borrowers.