Mortgage Reform Needed Badly

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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.

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