Area legislators seek crackdown on unscrupulous home lenders
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By Staff Reports
Published: January 8, 2009
-- Two Richmond area-lawmakers today proposed legislation designed to discourage unscrupulous mortgage brokers from making sub-prime loans to people who don't qualify.
The Truth in Lending Act is sponsored by Del. Jennifer L. McClellan, D-Richmond and state Sen. A. Donald McEachin, D-Henrico.
It would allow homeowners to go to court if mortgage brokers steer them into higher-interest loans and then flip the mortgages.
The General Assembly session begins Wednesday.
-- Tyler Whitley
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Posted by ( celtwom2591 ) on January 08, 2009 at 12:47 pm
Yep, the practice is also called “bait and switch” and is considered unscrupulous. Go Jennifer and Don!
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