Pennsylvania is a breeding ground for mortgage predators, earning it the distinction of a seventh place finish in U.S. foreclosure rates overall. Legislators are poised to introduce stricter limits on lending practices in the sub-prime market following a statewide study on mortgage foreclosures that will be released later this month. The Philadelphia Business Journal offered the following yesterday from the Secretary of Banking, William Schenck:
"That study will include specific recommendations for the legislature and specific steps the Banking Department plans to take to reduce foreclosures in Pennsylvania." Schenck says his department is already creating a new investigations unit that will crack down on fraudulent lending. He would also like to force individuals in the mortgage business to apply for licenses, just like real estate agents or stockbrokers, a move he said will help the state weed out the "bad apples" while still encouraging honest mortgage companies to make needed loans in the state."
The spokesman for mortgage lenders issued a predictable retort:
"Ronald Agasar, president of the Mortgage Bankers Association of Greater Philadelphia and a leader with the Mortgage Bankers Association of New Jersey, said a major predatory lending law passed in New Jersey in 2003 caused credit to dry up. He said additional laws in Pennsylvania could have the same effect. The New Jersey law was changed last year to address mortgage bankers' concerns."
"There's certainly enough laws on the books now," Agasar said. "I don't think you can legislate honesty."
(Editorial note: Really, Ron? There are some who think "...if it's not rape, is just ain't fun.")
The best way to get started with foreclosure real estate is to see what is currently on the market in your chosen area, and the best way to do this is to browse online foreclosure listings. There are several large, up-to-date databases online, most offering free full access trial memberships. Take advantage of their offers and use the free trials to get a better understanding of exactly how much foreclosures are selling for in your area. Use online listings to find local properties and then go check them out in person and see how they measure up. Taking a hands on approach will give you an edge over 90% of the foreclosure wannabes out there.
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Posted by: John | December 04, 2007 at 01:07 AM
The best way to know about the foreclosure in our place is by going through free foreclosure listings, which are available on the internet. It saves not only time and also money.
Posted by: Andrew | March 18, 2008 at 06:38 AM
Today the world has become very sophisticated and global that what ever information we require is got through internet.In the same way we can get the foreclosure information through free foreclosure listings.
Posted by: David | March 24, 2008 at 01:25 AM