In Pennsylvania, the governor signed five bills that are designed to "protect homebuyers, strengthen oversight of the mortgage industry and end key lending practices that leave homeowners vulnerable to foreclosure." Alaska was the last state in the nation not to license and regulate mortgage lending. But that changed July 1 when a new law took effect. A New York law that is expected to be signed into law will establish the crime of residential mortgage fraud while "providing assistance to current and future homeowners by modifying the foreclosure process, enacting a subprime mortgage lending statute, setting standards and limits for home loans and requiring the registration of loan providers," said the state lawmaker who sponsored the legislation.
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