The Boston Herald reported December 22, 2006 that, with Massachusetts
home-foreclosure rates soaring, Boston Mayor Thomas M. Menino is calling on the Massachusetts Legislature to tighten mortgage-lending
rules.
“We have all seen the dramatic spike in
foreclosures, and we know that a large part of the problem is caused by lax
oversight of mortgage companies,” Menino said in announcing his “Homeownership
Protection Act of 2007” plan.
Smart move by the mayor. I'm not one usually in favor of a lot of government oversight of business, but mortgage companies brought this on themselves.
I see people (yes, even well-educated people) get screwed by mortgage companies and other lenders all the time. Please don't assume it can't happen to you. I'm always happy to answer questions.
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