The mortgage banking industry has enlisted members of Congress in an effort to slow down the filing of class action suits based on a March appeals court decision that could result in the rescission of thousands of mortgages nationwide.

With no way of getting Congress to deal with the issue this year, the industry succeeded in getting Sens. Connie Mack, R-Fla., and Alfonse D'Amato, R-N.Y., to engage in a colloquy on the floor of the Senate Dec. 1 aimed at signaling to the plaintiff strike lawyer industry that spending money starting suits and finding potential clients might not be a profitable venture.

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