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Monday, March 24, 2008
Ind. Law - New law would target loan predators
Bryan Corbin of the Evansville Courier & Press reported Sunday in a lengthy story that begins:
After seeing families forced to move from their homes in recent months because of rising mortgage payments, the Indiana General Assembly attempted this year to reduce the number of future foreclosures by putting tighter controls on the home-mortgage industry.And while legislation passed this year won't aid people who have already lost their homes, it is intended to weed out unscrupulous players in real estate transactions so future buyers will be less likely to get snared in financial traps.
The legislation, House Bill 1359, was passed by the Legislature on March 14 and sent to Gov. Mitch Daniels' desk.
Local mortgage brokers said they could support changes to state law.
"They've allowed too many people in the broker business that shouldn't be in it. There's too much fraud — people taking advantage of older people or people without much financial knowledge," Dave Clark, president of Talon Mortgage of Evansville, said last month. "And I think it's our job to educate borrowers on what kind of loan they're taking, instead of just saying, 'Sign here.'"
Daniels has until Thursday to sign the bill, House Enrolled Act 1359, into law.
It would make a number of changes that law enforcement, state regulators and the mortgage-banking industry had advocated.
Posted by Marcia Oddi on March 24, 2008 10:13 AM
Posted to Indiana Law