Mortgage Fraud and Its Damage To Consumers

Finally Legislation has been introduced to start correcting the problems which have occurred as a result of mortgage lenders.  5 bills have been introduced.  One would provide more funds for investigations and one, I really like, would require mortgage brokers to act in the best interest of borrowers in terms of what they can afford.  Mortgage brokers who are operating based on their greed can be fined for getting borrowers into loans which they cannot afford.

Legislation was already passed this year making mortgage fraud a felony in Arizona and requiring, finally, that all of the state's mortgage originators and loan officers need to be licensed.  I could never understand why they allowed anyone who wanted to, the ability to do mortgages for personal profit and no licensing.  It is about time that finally there is going to be some accountability!!!

Currently, everyone is suffering because regardless of how good a person's credit is, getting a mortgage has become a stricter process.