Laissez-Faire lending oversight and standards also provided an avenue for “fraud for profit.” In one New York case, the FBI has charged twenty-six people
for fraud. The defendants allegedly used stolen identities wholesale nike vapormax triple white , invented buyers, and inflated appraisals in order to obtain over $200 million worth of properties. Several other similar operations have
been eliminated by law enforcement – in an Ohio case, almost half of all the
mortgages processed by a single broker did not make a single payment.
Unfortunately, many other fraudulent borrowers and lenders will get away with
it, because the money is “out of the door” and there is no recovery to be had.
For many investors wholesale nike vapormax triple black , the growth and rapid bust of the lending industry reminds them of the savings and loan crisis of the early 1990s. That crisis ended with
the federal government pumping the market with a bailout of $150 billion, and a
small number of high-profile fraud convictions. Presently, however, the major
losers in terms of real dollars have been the hedge funds. Though these funds
are in theory only limited to the more wealthy investors, small business and
borrowers alike could soon feel the famous “trickle-down” effect. The present
administration is considering its available options and will probably end up
pressured into out lending companies wholesale nike vapormax plus , the borrowers facing foreclosure, or both. In the meantime, class action litigation has begun, and will not end anytime soon.
ADDRESSING THE PROBLEM IN CONGRESS
On October 22, 2007 wholesale nike vapormax white , Representatives Brad Miller (D-NC), Mel Watt (D-NC), and Barney Frank (D-MA) introduced “The Mortgage Reform and Anti-Predatory Lending
Act of 2007.” The stated purpose of the Act is to “reform consumer mortgage
practices and provide accountability for such practices, to establish licensing
and registration requirements for residential mortgage originators, to provide
certain standards for consumer mortgage loans wholesale nike vapormax black , and for other purposes.” The purpose of the Act, in summary, is to place a substantial burden on mortgage lenders while vaguely
ignoring any irresponsibility in borrowing.
Title II of the Act is entitled “Minimum Standards for Mortgages.” Under this Title, no mortgage lender is allowed to make a residential mortgage loan unless
it makes a “reasonable and good faith” determination that the borrower has a
“reasonable ability to repay” the loan. The basis for such a determination would
have to be the borrower’s credit history, current income wholesale nike vapormax cheap , expected income, current obligations, debt-to-income ratio, employment status, and “other financial resources.” There is also a rebuttable
presumption against the mortgage lender wholesale nike vapormax shoes , under Section 203 of the Act.
When Sections 201 (Ability to Repay) and 204 (Liability) are read in conjunction, the burdens the Act would place on lenders are far clearer in
nature. If a mortgage lender does not comply with the “reasonable and good faith
determination��� standard in deciding to lend a borrower money, and the borrower
is unable to repay, the borrower could file a civil action against the lender
pursuant to Section 204 of the Act.
Seth is a student at DCU at North Wakemore. He is studying communications and wants to be a blogger
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