Michigan lawmakers are considering legislation that would require background checks for loan officers, prohibit brokers and lenders from paying commissions to unregistered officers and establishing education and application requirements for loan officers. In Massachusetts the attorney general has issued regulations designed to "ban unfair or deceptive lending practices," she said in a statement. Congressman Barney Frank, a Massachusetts Democrat and the chairman of the House Financial Services Committee, has issued a sweeping 66-page bill mortgage reform bill.
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