Mortgage Reform Needed Badly

By on

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.

Sign up for our free newsletter

Like this article? Sign up for our newsletter and we'll send you a regular digest of our newest stories, full of money saving tips and advice, free! We'll also email you a PDF of Stacy Johnson's "205 Ways to Save Money" as soon as you've subscribed. It's full of great tips that'll help you save a ton of extra cash. It doesn't cost a dime, so why wait? Click here to sign up now.

Check out our hottest deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,006 more deals!

Comments & discussion

We welcome your opinions, but let’s keep it civil. Like many businesses, we reserve the right to refuse service to anyone. In our case, that means those who communicate by name-calling, racism, using words designed to hurt others or generally acting like an uninformed bully. Also, comments that include links to email addresses or commercial websites typically aren't posted. This isn't a place to advertise your business.