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Lawmakers Plan to Stop Future Foreclosures

February 20th, 2008 by flanews

Foreclosures have hit an all time high in Florida, and now lawmakers want to fix the lending problem. A bill to prevent future foreclosures was announced Wednesday. The legislation requires lenders to verify the borrowers ability to repay the loan. The bill also bans prepayment penalties on sub prime loans.

No more loans just based upon telling something, you actually have to prove that you actually have the income to pay these loans back, said Democrat State Representative Scott Randolph. That benefits, not only the consumer from finding themselves in a situation they shouldnt be in, but it benefits the markets and bolsters our economy and the housing market as a whole by not having foreclosures. Not having markets collapse. Not having the stock market collapse. Because of these mortgages that are sold under the market.

Lawmakers said many borrowers simply arent aware that they could get a lower interest rate. The bill would require lenders to tell clients if they qualify for a lower cost loan.

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