California Real Estate Fraud Report

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15
Jul

Fed Wakes Up about Subprime Loans . . . Finally

Like the last horse out of the gate at the race track or Rip van Winkle waking up after 100 years, the Fed finally shook off its slumber and announced new rules to curb the nonsensical lending practices that have cost thousands their homes and shaken the U.S. economy to its core.

According to Fed Chairman Ben Bernanke,

“The proposed final rules are intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership. Besides offering broader protection for consumers, a uniform set of rules will level the playing field for lenders and increase competition in the mortgage market, to the ultimate benefit of borrowers.”

While approving of the Fed’s better-late-than-never action, consumer advocates stressed that much more needs to be done to protect consumers and that significant loopholes for lender abuse still exist.

Read the Full Article in CNNMoney.com

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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