LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION.

SEC. 1417. LENDER RIGHTS IN THE CONTEXT OF BORROWER DECEPTION. Section 130 of the Truth in Lending Act (15 U.S.C. 1640) is amended by adding after subsection (k) (as added by this title) the following new subsection:“(l) Exemption From Liability and Rescission in Case of Borrower Fraud or Deception.—In addition to any other remedy available by law or contract, no creditor or assignee shall be liable to an obligor under this section, if such obligor, or co-obligor has been convicted of obtaining by actual fraud such residential mortgage loan.”.