Regulators set new subprime loan standards

Bank watchdogs add consumer protections against unscrupulous lenders

http://www.msnbc.msn.com/id/19504015/

Enclosed is the link to the Statement on Subprime Mortgage Lending

http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070629/attachment.pdf

New Rules for SB 185 as of June 1, 2007

The rules as of June 1, 2007

AN ACT

I found this today It is called An Act Looks like SB 185 amended Not really sure

http://www.mcglinchey.com/pdf/126_SB_185_EN_N.pdf

(Amended Substitute Senate Bill Number 185). AN ACT. To amend sections 109.572, 1321.57, ... Be it enacted by the General Assembly of the State of Ohio

This is the description that came up for the link.

Seems to have a number of changes. I thought they were done with this bill and had moved on.

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 I think the site is a little out of date but, I wondered how long it would take before I would see an attorney advertising in relation to mortgages.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?