Fixing the foreclosure crisis

May be forced to leave their homes is one of the most devastating events of stress and a family to cope. This happens too often in Michigan as the home of predatory lending have threatened the entire community and severely damaged the country's economy.


Mortgage not only impact on the lives of owners and their families - the devastating for the surrounding neighborhoods, the value of local ownership, and a notreÉtatd local economy.

Earlier this year, the House of overwhelming bi-partisan legislation to the mortgage crisis. Unfortunately, these important bills to protect working families from predatory competition lenders have languished in the Senate.

Michigan families continue to suffer, while the Senate is playing politics.

It is now time for our senators mesuresImmédiatement end of the block and take measures to overcome the Michigan Home Loan PROTECTION Act, which TERREIN responsible lender and help reverse the rise in mortgages in primeracomió our rate.

The home loan Michigan Protection Act:
• Prohibition of predatory lending practices, such as granting loans without the borrower to demonstrate their ability to repay the loan, encouraging borrowers to default values, and the burden of nouveauTRASOt for redemptiona declaration of payment.
• To protect holders of shareholders by prohibiting home refinancing to generate fees for creditors, unless there is a net tangible benefit to the borrower.
• To protect the consumers head to the high cost of préstamoscuando else for a conventional loan.
• banning the financing of all points and fees, which véritablecoûts of borrowing.
• DivietoRe punishment.
• Provision of injured victims of apartmentsGen and me zzi appeal to those who can apply regardless of the protection of consumers against unscrupulous lenders.

Michigan is one of the highest rates of exclusion in the country, in accordance RealtyTrac. You can not one day without hearing the message from the end of the subprime mortgage market and the negative impact on the economy, both here in Michigan and across the country.

Problems can not wait for Washington to act. So far, the federal governmentesregierung has done is from the Wall Street power brokers and special interests us in this chaos. It is time to make a decision here in Michigan.

Mortgage, which every community in Michigan from Monroe to Marquette and throughout the world. It is no coincidence that our local economy suffers. Moreover, Wall Street ransom, Michigan houses have désespTitolare real need of protection from the merger of the mortgage industry and abusive practices.

MichiGanders are tired of politics, the politics, instead of solving the problems facing our state. It is high time that the Senate act now and the Michigan Home Loan Protection Act - before it's too t