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Predatory, Foreclosure Hearings

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02-07-2007, 01:51 PM

Veronica Corningstone Veronica Corningstone is offline

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Predatory, Foreclosure Hearings

The chief economist for the Mortgage Bankers Association told a Senate banking committee Wednesday that suitability requirements will hinder the advances of the mortgage industry. "The effect will be to reduce available and affordable credit," he said. The president of the National Association of Mortgage Brokers testified that improved disclosures are critical in addressing the disturbing increase in foreclosures.

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