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Mortgage Reform Needed Badly

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Friday, 18 July 2008 12:06

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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Bankrate.com - Feds propose overhaul of mortgage process

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Stacy Johnson

Nice to meet you! I’m the writer, researcher, host and executive producer of Money Talks. I’ve been a TV guy for 20 years, but have also been licensed over the years as a CPA, stock broker, commodities broker, options principal, real estate agent and life insurance agent. I’ve also written a couple of books: Life or Debt and Money Made Simple.

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