As Congress waits for President Bush to sign on the Homeowner Rescue Bill I have to wonder, who will it really help? Although the claim is for there to be assistance for 400,000 homeowners – it appears that government action has only been successful in rescuing large institutions harmed by our “National Credit Crisis”. Forgive my cynicism, but as I work with clients who are in the midst of this “crisis”, I just don’t see how these efforts are moving effectively to assist the families most affected by predatory lenders.
By the time any of these measures go through, the majority of families put into homes they couldn’t afford
by predatory lending practices will have already lost their homes, and their hope for the “American Dream.” Owning a home isn’t just about not renting. Historically, it’s been the wisest move you could make to start a path of long-term financial security.
I’d like to see more action at the local level pursuing action against predatory lenders – not just the Wall Street moguls. Many of the lenders who made it a policy to not disclose information to borrowers, misrepresent payments, etc. are still in business!
There are some interesting resources online regarding Truth In Lending Laws. I haven’t been able to find a local Kauai resource for a Truth In Lending Audit, but here are some sites that are a good place to start:
- Mortgage Audit Service – I don’t know what their fees are, but there’s some good free information.
- Bankruptcy Law Network – Excellent resource for anyone facing short sale, foreclosure or considering bankruptcy! Many additional links with detailed information.
- Blog about updates to Truth In Lending Regulation Z
Please add your comments, experiences or recommended resources.