Yesterday, the House rushed to pass their version of a bill that is supposed to stop predatory lending. But the general consensus is this: nobody likes it. Not consumer groups, not the mortgage industry. Well, Inman News reports that some might like it:
Rep. Tom Feeney, R-Fla., called HR 3915 “the landlords and lawyers relief act,” because he said it would make it more difficult for renters to become home buyers, and make lenders and the investors who back them more vulnerable to lawsuits.
Why are so many hating on what appears, at least by the long title (Mortgage Reform and Anti-Predatory …read more

While the predatory lending bill introduced into the House earlier this week does, in fact, show some promise in curbing some of the practices that led to the subprime lending crash, it is somewhat low on education.
Even though mortgage lenders and other creditors, such as credit card companies, do deserve some of the blame for the current credit crisis situation, some of the blame does rest on us. After all, we were the ones that bought into the idea of easy money that can help us get what we want now.
The bottom line is that more education is needed in …read more