Predatory Lending Bill Back in Congress

Congress woman Stephanie Tubbs Jones (D-Ohio) has reintroduced the Predatory Lending Practice Reduction Act of 2007.

New Proposed Rules as of April 9, 2007

http://www.com.state.oh.us/dfi/pub/cons_RULESRefile.pdf

predatory lenders will "be going to jail in handcuffs" by the time the next president is elected.

Ohio's AG says predatory lenders will be dealt with


likened predatory lending to stealing people's money in an armed robbery using a gun.
Just because he did it with a computer and a calculator, doesn't make it any less of a crime," he said.

"We're going to be very aggressive going after predatory lending institutions," through criminal charges or civil lawsuits, he said. "We think it's going to lead us to Wall Street."

There always has to be a first!

Here is the first lawyer that I have found that has information about some of the do's and don'ts of mortgage lending. The website contains a very brief description of what mortgage lenders must do and if you do not, you may need to contact his law office. I think the site is a little out of date but, I wondered how long it would take before I would see an attorney advertising in relation to mortgages.

I am still waiting to see an advertisement on the television.

Here is the link for you to view.
http://www.ohiolemonlaw.com/ocll-site/ocll-mortgage_fraud.html

Has anyone else seen any advertisements yet?

Bond investors now suing investment brokers

Here is a very interesting twist to the foreclosure issue. The people that invested in the subprime bonds are now suing the people that sold them the bonds. Enclosed is the Bloomberg article.

Subprime Losers Blame Bear, Credit Suisse, JPM, Morgan Stanley
By Christine Richard