fight against predatory lending in Maine

jameshogg

A good step has been taken in Maine to prevent predatory mortgage lending in the state.

Mortgage Regulators at the Office of Consumers Credit Regulation have decided to review and evaluate the several proposals to fight predatory lending. After review they are going to make new recommendations to the next Legislature.

In the process they are going to review CEI's report and are going to evaluate the recent Ameriquest settlements and earlier Household case.

They will also review the testimony and evidence from lenders, consumer groups and other related parties. Similar experiences of other states regarding predatory lending will be checked and their way of tackling the issue will be considered.

Since the licensed sub-prime lenders will be most affected by the new changes in the law, so they will also be asked to participate in the study process.

Hope this will bring an end to predatory lending practices.

James

0.10 Dollars($)

Great step. Smile

Guest 0.10 Dollars($)

Yes, if this happens then the consumers can get relieved by the fact that they are not going to affected by predatory lending anymore.

Guest 0.10 Dollars($)

This is indeed a positive step to keep the industry clean.

All times are GMT - 7 Hours

Page 1 of 1