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'Subprime crisis offers a chance to step up'

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Subprime crisis offers a chance to step up

By Art C Ryter at 04/30/07 23:42

Suggests that state legislatures and law enforcement should step up to the foreclosure challenge posed by the subprime mortgage lending fiasco. Californians, among other homeowners in other states, don’t have much direct financial help from state governments, but could have help avoid foreclosure by suing their mortgage brokers and lenders if they can present a reasonable case of fraud in offering the loan. Once lawsuits are filled and some won, state agencies may be more forth coming in providing protection against foreclosure by forcing borrowers and lenders to set new terms.

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