Global Security Watch > Ohio Governor Signs Homebuyer Protection Bill into Law

State Action Bloghttp://www.stateaction.org/blog [State Action Blog] Joy Padgett’s SB 185, also known as the Homebuyer Protection Act, was signed into law by Governor Bob Taft.  The law requires the licensure of property appraisers, prohibits predatory mortgage prepayment fees and penalties, and requires brokers and loan officers to notify borrowers of changes in loan terms (such as interest rate, fee or monthly payment increases) in a timely manner.  The law also creates an entity that will mandate a financial literacy curriculum for K-12 students.  For more information, read CPA’s Predatory Mortgage Lending policy brief and model legislation.

Some related posts from Technorati and Google.

The Briefcase: While our Republican state legislature passing a strongly pro-consumer measure is arguably one of the signs that the End Times are upon us, let’s give props where props are due: by all accounts, the newly-enacted predatory lending bill is one of the strongest in the nation. And this just a couple of weeks after I ripped the legislature for being as sensitive toward consumer concerns as James Dobson is to gay rights. (via Cosmos)

Cleveland Law Library Weblog: SB 185 (via Cosmos)

[4686.chs40.info] Mortgage protection center: PRODUCTS: Our agents will utilize the most competitive mortgage protection products in the industry. These products consist of non-medical and medical life .

[Therealtygram.typepad.com] TheREALTYgram Blogger: Predatory Lending: said Executive Vice President Debbie Goldstein of the Center for Responsible Lending, a nonprofit that combats predatory lenders. "Rather than preserve and strengthen state and federal protections for homeowners, the Ney-Kanjorski bill wipes out state anti-predatory lending laws proven effective at preventing abusive practices and significantly weakens some protections available under the federal law today.

http://paper-money.blogspot.com [Paper-money.blogspot.com] Paper Money - A US Real Estate Bubble Blog: “A far better approach, I believe, is to use micro-level policies to reduce the incidence of bubbles and to protect the financial system against their effects. I have already mentioned a variety of possible measures, including supervisory action to ensure capital adequacy in the banking system, stress-testing of portfolios, increased transparency in accounting and disclosure practices, improved financial literacy, greater care in the process of financial liberalization, and a willingness to play the role of lender of last resort when needed.”

Connectforkids.orghttp://www.connectforkids.org [Connectforkids.org] The High Cost of the American Dream | Connect for Kids: In April 2003, the homeownership rate reached a record high, with 67 percent of American families owning their own homes, according to the U.S. Department of Housing and Urban Development (HUD). That means more than more than 70 million families had a piece of the American dream.

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