Feds looking to take on Abusive Lending Practices
Posted Dec 17, 2007 @ 2:54 pm, Viewed by 279 Visitors, Read 281 Times.
I don't watch Good Morning America so I missed that report on their investigation. Interestingly, right after I came across that video I saw this article about the Fed looking into taking aim at ending abusive lending practices.
I don't know about you but I'm wondering what proposed penalties they are considering if new lending guidelines are violated?
Paul Francis, ABR,CRS
Coldwell Banker Premier
Las Vegas Real Estate
10120 S. Eastern Ave
Henderson, NV 89052
702.592.3058
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SVRPaul
Thanks Benjamin. I know you are on top of this stuff. I've had zero sub-prime buyers that I can think of in the past several years so it's not really a subject that I've followed too much but as I've been researching something for a blog article concerning the practices of sub prime lenders, it's pretty disturbing on what I am finding. I have three VIP clients that own highly respectable Mortgage companies that are giving me some really good information on these tactics.
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Paul Francis, ABR,CRS of Coldwell Banker Premier specializes in the Master Planned communities of Las Vegas including Summerlin Real Estate, Lake Las Vegas and Green Valley Real Estate. Read More
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Hey Paul, I actually have been working on a blog post on this subject. While nothing is carved in stone yet, some examples under consideration by the Senate banking committee include loan buybacks, repayments of things like down payments, interest and closing costs fees and $5,000 cash penalties per violation. The House and the Federal Reserve are also working on their own recommendations. I'll give you a heads up when I get all the different information put together.