- Does Money Lingo Make Your Head Spin? Here’s What It Really Means
- 6 Ways to Ensure You’ll Have Enough Money in Retirement
- Pop Quiz: Can You Profit When Stocks Fall?
- Cold Is Coming: 10 Ways to Winterproof Right Now
- Is Student Loan Debt Really Delaying Homeownership?
- A Simple Way to Invest Your Retirement Savings
- 14 Creative Ways to Date When Money’s Tight
- Pop Quiz: Does an Airline Have to Put You Up in a Hotel When Your Flight is Canceled?
The nation’s housing crisis is crippling our economy. So, what’s the government going to do about it? One idea is to reform the mortgage process, eliminating the ‘bad brokers’ more interested in making a commission than a responsible loan.
The Federal Reserve has proposed new rules that would require all states license mortgage brokers, report their disciplinary history, establish minimum educational requirements, and set up a process for revoking the licenses of bad brokers. Why this wasn’t already mandatory, we’ll never know. However, even if implemented today, these rules wont help home owners already in trouble, though they should go a long way towards preventing another mortgage crisis in the future.