Mortgage Crisis Hits a High Point In Iowa
A recent USA Today article describes the legal tangle that has been left in the wake of the sub-prime mortgage scandal. With foreclosure rates reaching “historic” highs, state lawmakers in Iowa and across the country are struggling to provide households with assistance as well as to curb predatory lending. One proposed California measure would limit mortgage firms from misleading minority home buyers by requiring contract language to be in the lenders native tongue. However, the problem has gone beyond first-time buyers to include elderly low-income residents as well as middle-class home owners, with public interest lawyers frustrated by the sheer volume of case and the weak consumer protection laws. You can read more from this article here.
FHA Loan Expert
February 1, 2008 @ 12:25 pm
It should be very interesting to see what happens to our economy as a result of the sketchy lending practices over the past few years. It’s scary as always but keep in mind that it’s just a natural shift back to reality after a boom time, even if it was an artificial boom.
MoneyBeat.com | Canadian Mortgage Quote
May 6, 2008 @ 3:53 pm
A few months into this crisis, it’s tough to see where it’s going to end. It seems like every conceivable trick in the book has been hauled out to keep this going for as long as possible. Fun while it lasted!
inti265
June 7, 2008 @ 8:10 pm
Here is a BBC news broadcast showing the gravity of the situation. Current foreclosure trends suggest the situation is getting worse
inti265
June 7, 2008 @ 8:13 pm
Sorry I forgot to give the link. Here it is: http://mortgage-simplified.blogspot.com/2008/05/new-homeless-in-us.html