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Congress is taking aim at mortgage practices

Senior Contributor

Congress is taking aim at mortgage practices


WASHINGTON -- Spurred by the crisis in the home mortgage industry, Congress is readying a slew of proposals aimed at changing some lending practices and helping financially distressed homeowners hang onto their homes.
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I look forward to the promised hearings, but I will await results before passing judgment.

FHA picking up some of the subprime market, IMHO, makes sense.

Countrywide execs need to spend a little quality time with staff from the Bureau of Prisons.
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1 REPLY 1
Moderator Emeritus

Re: Congress is taking aim at mortgage practices

What I DO NOT believe is that Congress can say they did not see this coming.
That is BS -
It is too little, too late to "Fix" this.

Some lenders need to decide to jack the rates per the contracts or do what they can to keep payments coming in.
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