Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! Message Board

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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!

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To: StockDung who wrote (4871)	11/15/2007 8:03:43 PM
From: ravenseye	of 5673

House Passes Bill on Mortgage Lenders By JESSE J. HOLLAND – 41 minutes ago WASHINGTON (AP) — With home foreclosures skyrocketing, the House on Thursday voted to crack down on mortgage lenders by forcing them to get licenses, making them responsible for discovering whether borrowers can really repay and fining them for steering people toward risky subprime loans.... ap.google.com ...Included in the legislation are provisions that would: _Ban lenders from making loans that borrowers don't have the ability to repay; _Prohibit lenders from steering homeowners into refinanced mortgages that don't provide any benefit and create fines of triple the broker fee and costs; _Make Wall Street banks that package mortgage securities into investments liable for violations of lending laws; _Prohibit excessive fees for payoff information or late payments, the financing of points and fees and practices that increase the risk of foreclosure like balloon payments and encouraging borrowers to default; and _Create a nationwide licensing system for mortgage brokers and bank loan officers called the Nationwide Mortgage Licensing System and Registry....

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