Homeowners Deserve Better Protection --- advice from Consumer-Action.OrgSomervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


Homeowners Deserve Better Protection --- advice from Consumer-Action.Org

22 March 2007 at 11:28:54 AM

I'm providing this because it's regarding the important issue of the "Great American Dream" of owning your own home.  Currently the foreclosure rate is the highest it's been since the 'Great Depression" of the 1930's.  The following information is provided by Consumer-Action Org.  --- P

Speak out for stronger oversight of the subprime mortgage market

Predatory Loans Destroy the American Dream

Homeowners deserve better protection

Today the Senate Banking Committee is holding important hearings on predatory mortgage loans and high foreclosure rates that are currently devastating the lives of many American homeowners. We urge you to send a letter today so that our lawmakers will know that you are deeply concerned about this issue.

If you want to hear from Consumer Action just visit www.consumer-action.org, and click on Take@ction on the right. 

Home ownership is the path to a financially secure future for many Americans. But many of today's marketing tactics and lending practices strip consumers of the benefits of home ownership - their home equity - and set them on the road to foreclosure.

Consumer groups are urging Congress to create new laws to protect homeowners from predatory lenders. These lenders and brokers prey on mortgage applicants by offering them inappropriate loans with low "teaser rates" that ballloon to unaffordable levels in two or three years. Thousands of homeowners will see their loans "reset," or readjust, this year, forcing as many as one in five homeowners with subprime loans to lose their homes.

No one would buy a car that had a one in five likelihood of failing, so why are mortgages with these odds allowed?

Ask Congress to:

- Require lenders to qualify consumers for loans that are affordable after the teaser rate expires, not just during the promotional rate period.

- Eliminate incentives for brokers to steer consumer into riskier loans. Some lenders pay broker bonuses to steer borrowers into unaffordable loans.

- Require accurate and accountable loan servicing. Require servicing companies that collect mortgage payments to improve their error rate and stop assessing costly fees.

- Give families the right to sue predatory lenders who subject them to deceptive loan terms.

- Preserve state protections against predatory lending.

-Help families with temporary money troubles maintain their homes with a home preservation loan program.

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1 - w8liftinglady   22 Mar 2007 @ 11:54:17 AM  Unfortunately,I see this as a terrible prophesy of things to come.Having had my own home foreclosed after my divorce,I have become more sensitive to noticing the increase in foreclosures in my neighborhood.This is predatory loan-sharking at it's finest.

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