I never thought the public could suffer from excessive consumer protection. Nov. 1 was the launch date for its new Rules of Professional Conduct. Requiring separate, independent representation for borrowers and lenders in private mortgage transactions is not new. A similar rule has existed in England and Wales since the early 1970s. What troubles me is not the two lawyer rule, but the lack of practical exemptions.
Quirky results are inevitable.
Under the new rules, the lawyer recommended by the employer can act for both Greg on the purchase and his mother for the second mortgage, despite its being high-ratio. The flip side of enhanced consumer protection is cost. Codes of conduct should be living documents, upgraded as circumstances warrant. You can in our Columnist newsgroup. Join the discussion now .