Bernanke on Mortgage Abuses

Fed Chief Vows to Target Mortgage Abuses

Excerpt:

"We at the Federal Reserve will do all that we can to prevent fraud and abusive lending and to ensure that lenders employ sound underwriting practices and make effective disclosures to consumers," Bernanke said in remarks prepared for a financial conference in Chicago.

Comment: I think that Mortgage brokers should be federally licensed (like security brokers) and when they violate lending ethics should be barred from the industry for life!

Congress takes aim at predatory lending as foreclosures hit Minneapolis

Excerpt:

A stretch along Penn Avenue in Minneapolis has come to represent the city's growing problem of home foreclosures.

"We're here in part of north Minneapolis that unfortunately has seen the largest number of foreclosures in our city and it's one of the reasons why foreclosure is the number one housing issue in the city right now," said Minneapolis Mayor, R.T. Rybak.