From the Expert:
States Step Up Mortgage Oversight
By Jennifer Burnett
There's no easy fix for the condition of the current housing market and the fallout from the mortgage meltdown. States and local communities expect to feel the effects for years. A flurry of federal legislation and programs--including the recently defeated bailout plan--contain provisions that will significantly impact the mortgage industry, especially with respect to foreclosure processing and lending oversight. States, however, already play an important role in the supervision and enforcement of mortgage regulations and will most likely continue to be the first line of defense against predatory, irresponsible and unscrupulous lending practices. According to the National Governors Association, more than 30 states passed legislation since 2007 to ban predatory lending practices, strengthen lender oversight, regulate mortgage broker companies and loan originators, educate homebuyers and refinance mortgages.
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