Question:

What is the Mortgage Reform and Anti-Predatory Lending Act of 2007?

Answer:

The Mortgage Reform and Anti-Predatory Lending Act of 2007 was inspired as a response to the subprime lending crisis. The bill represents an attempt to straighten certain low ethical practices which led to a significant number of foreclosure in the recent years.

The Mortgage Reform and Anti-Predatory Lending Act of 2007 stipulates the following:

  • The minimum standard for all mortgage loans is that borrowers need to be able to repay the loan.
  • All mortgage loan providers need proper licensing and registration.
  • Foreclosure protection for renters is also included in the Mortgage Reform and Anti-Predatory Lending Act of 2007.
  • Increased borrower's protection is provided for subprime loans.
  • Required counseling for first time home buyers and anti-steering legislation is also included.
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Common misspellings: mortage and morgage