January 23, 2008
A recent USA Today article describes the legal tangle that has been left in the wake of the sub-prime mortgage scandal. With foreclosure rates reaching “historic” highs, state lawmakers in Iowa and across the country are struggling to provide households with assistance as well as to curb predatory lending. One proposed California measure would limit mortgage firms from misleading minority home buyers by requiring contract language to be in the lenders native tongue. However, the problem has gone beyond first-time buyers to include elderly low-income residents as well as middle-class home owners, with public interest lawyers frustrated by the sheer volume of case and the weak consumer protection laws. You can read more from this article here.