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May 11, 2009
New legislation will prohibit borrowers from lying about their income in order to qualify for a loan, stop predatory mortgage loan practices and will make sure the industry follows sound lending practices.
The Mortgage Reform and Anti-Predatory Lending Act of 2009 is designed to protect consumers and reform the financila system. The House passed the anti-predatory lending leg of the act on Wednesday and the mortgage fraud leg on Thursday. The new legislation will provide additional funding and updated tools to help authorities enforce the laws, investigate and prosecute mortgage fraud.
In addition, the investigative commission created by the Act will have subpoena power to seek accountability within the mortgage industry.
Read story at Portsmouth-Daily Times
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