This Bill was passed in the House and now will go to the Senate for their approval. 4173 proposes multiple changes. First is an increased in cunsumer protections, by creating the CFPA, Consumer Financial Protrection Agency. Secondly would be to end taxpayer bailout for large financial firms. Thirdly would be to let the SEC rein more power in to protect investors from people like Madoff and firms like Stanford Financial.
It will also outlaw any predatory mortgage lending practices. It would make the process for mortgage lending to show a true benefit to the borrowers while ensuring the borrowers ability to repay the loan. This legislation outlaws alot of the practices that were prevelant in the subprime boom.
Sr Mortgage Broker
Fairfax Homes
Monday, December 14, 2009
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment