Predatory lending is widely seen as one of the triggers for the current housing market slump and subsequent economic recession. In response to this predatory lending, Congress passed the Mortgage Reform and Anti-Predatory Lending Act in May of 2009 as   an initial step towards restructuring the guidelines by which mortgage companies must abide.  Congress recently passed two additional bills which are also designed to help prevent foreclosure and protect against Mortgage Fraud. The Helping Families Save Their Homes Act and The Fraud Enforcement and Recovery Act were signed into law at the end of May.  Among many other provisions, The Helping Families Save Their Home Act requires an increase in the number of housing field employees that will be available to assist homeowners who may be in danger of losing their homes to foreclosure.  The Fraud Enforcements and Recovery Act will expand the regulations on the mortgage lending business.  Passage of both of these acts is particularly significant for Ohioans, as Ohio currently ranks 10^th in the country in the number of foreclosures.

This article was written by
Linda J. Lawrence
LAWRENCE LAW OFFICE
24 W. William St.
Delaware, OH 43015
740-362-1919
www.LawrenceLawOffice.com

This publication is not intended to provide legal advice on specific subjects.  The resolution of legal issues depends upon the specific facts of a particular situation and the laws involved.