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Wednesday, August 13, 2008

Mortgage revamp ‘too little too late’


Proposal provides no relief to banks
LYNN ADLER
REUTERS
Among the offences, loans were often extended to borrowers unqualified to meet payments, without income checks or clear explanation about the costs. Fraud flowered.

‘‘While Paulson seems to be moving in small steps toward greater regulation of the mortgage industry, this new plan seems to be too late for the existing subprime meltdown, and too little for the next one,’’ Kurt Eggert, a law school professor at Chapman University in Orange, California, said in an e-mail.
To read this entire story, please visit: http://www.paradigmshiftpr.com/mortgagerevamp.htm

Posted by Paradigm Communications at 6:36 AM

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