In a recent article, Obama’s website suggests that they have been examining the sub-prime mortgage lending issues for years. This is good because it is imperative that the next president thoroughly understand the housing sector and mortgage financing. Apparently, Obama introduced legislation to fight the war on mortgage fraud and predatory lending. He vows to protect consumers against abusive mortgage lending practices. The STOP FRAUD Act offers a federal definition of mortgage loan fraud and increases the funding for federal and state law enforcement programs.
Watch this Mortgage Crisis Video Discussing Predatory Lending
Obama says he will eliminate laws that prevent bankruptcy courts from introducing loan modifications. This is a good thing if banks are going to offer loan modifications why not do it at this level as well. Obama says he will introduce a HOME score which enables borrowers to compare several home loan products while better understanding the total cost of the mortgage. The truth in Lending Law is pretty darn clear. We all should take some responsibility with this mortgage meltdown. Whether you are a homeowner, loan officer, lender, bank or politician, we all played a role that led to this foreclosure epidemic. Read the Complete Mortgage Loan Article
