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.
Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
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Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
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Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
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Common misspellings: mortage and morgage