Comments on: Massachusetts Senate Proposes Mortgage Fraud Protection

By: MD Mortgage

MD Mortgage — Wed, 22 Aug 2007 09:35:41 +0000

This reminds me of the Maryland Protection of Homeowners in Foreclosure Act of 2005, which was partly put in place to keep predatory investors from approaching people in foreclosure directly. That created a whole new profession called Foreclosure Consultants. What’s next, Mortgage Consultants?

By: joeness

joeness — Sat, 11 Aug 2007 17:48:32 +0000

People can still get through this.. but, like stated: atleast they’re doing something about it. Lets hope it just gets better..

By: denise hill

denise hill — Fri, 03 Aug 2007 12:04:09 +0000

people can stop foreclosure if they have the right information.
predatory lending is creating a lot of these default.
get the information here you need to save your home.

By: Mortgage Info

Mortgage Info — Thu, 02 Aug 2007 09:05:39 +0000

It says mortgage brokers would have to be licensed to work is Mass…am I missing something? Don’t they already have to be licensed?

By: Jason Fox

Jason Fox — Wed, 01 Aug 2007 04:33:27 +0000

“Mortgage brokers would have to obtain a license to work in Massachusetts”

Wow, it’s sad that some states are just realizing now that they need licensing for LO’s… In Nevada, brokers AND bankers both have to be licensed. -Jason in Vegas

By: Charlotte Real Estate

Charlotte Real Estate — Thu, 26 Jul 2007 20:09:36 +0000

They need tighter laws on mortgages/loans. To many people scamming to make a quick buck against the innocent first timers. They get in over their head then they’re foreclosing before you know it.

By: West Sands

West Sands — Thu, 26 Jul 2007 15:35:49 +0000

I had no idea that the real estate market in the US had fallen this bad. Whilst the rest of the world seems to enjoy a boom in house prices it looks like Americans are really suffering from the “dodgy” lending that has gone on. I can say I’ve learnt something today!

By: Ryan Webber

Ryan Webber — Wed, 25 Jul 2007 01:42:23 +0000

I am curious about the proposal to crack down on “rescue schemes”. I wonder if they are going to limit investors availability to buy pre-foreclosures.

I think the whole idea of bailing out people facing foreclosure is only going to delay the inevitable. If you don’t know how to manage your money before the re-finance, how are you going to know how after it?

I like the idea of educating people about the risks involved. I think education should be the focus. Even more than just basic education about risks, though.

I always wondered why basic financial education isn’t mandatory in high school and college. How to balance a checkbook or live by a budget is beyond 95% of our population’s understanding. Let alone delayed gratification and living below your means.

By: tim key

tim key — Tue, 24 Jul 2007 17:40:02 +0000

not sure about the specifics of this plan but it is very good to see some action for helping people with this crazy housing market.