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March 7, 2021
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Maybe More Mortgage Help
(2008-06-19)
(wgvu) - The state House has passed more
legislation supporters say could help lower the number of mortgage
foreclosures in Michigan.
The legislation approved Wednesday by the House could require
some lenders to do more to make sure borrowers are able to repay
loans before they are made. That would fight what critics call
predatory lending.
Stricter regulations would be added for some fees charged when a
borrower refinances a home. A fee could not be generated for the
lender unless there was a tangible benefit for the borrower.
The 11 bills in the package approved by the House now go to the
Senate.
Some bills aimed at boosting requirements for mortgage loan
officers already have been signed into law this year.
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