National Mortgage News: House Passes Predatory Lending Bill
New rules could affect your Sedona home mortgage
When buying Sedona real estate, one of the essentials is getting the best home mortgage you can find. That might become a little harder if a predatory lending bill that has passed the House moves through the Senate and is signed into law. Inman News reports on the basics of the House predatory lending bill:
HR 3915, the Mortgage Reform and
Anti-Predatory Lending Act of 2007, would create a national licensing
system for mortgage loan originators and require lenders to determine
that borrowers have a reasonable ability to repay a loan. The bill
would also create limited liability for companies that bundle mortgages
for sale to Wall Street investors.
The new rules are far from certain, however. A Senate version of the bill may change some of the provisions, and this might happen as mortgage lenders and consumer groups alike denigrate the predatory lending bill.
For more information on Sedona mortgage programs and the real estate market, contact Claudia Ault.
Related Links
Buying Sedona real estate
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