The [tag-tec]Borrower’s Protection Act of 2007[/tag-tec].
It’s Congress’ way of reigning in the overly active sub-prime market.
This is a clear example of what happens when things get out of hand. Congress steps in.
Is that always a good thing?
Depends upon who you talk to.
Sure, there have been problems and unscrupulous activity. Borrowers have been steered into bad loans. Question is will bad law make that right?
[tag-ice]John Robbins[/tag-ice], chairman of the Mortgage Bankers Association, sums it up best.
"Make financial education a priority.
Simplify the [tag-self]mortgage[/tag-self] process and increase transparency about the functions and fees of key professionals.
Create a uniform national standard for mortgage lending with more accountability for professionals."