Tuesday, May 1, 2007

Federal Government Threatens Mortgage Lenders with Unprecedented Sanctions

You Have Rights, It's Just Illegal To Use Them

The federal government threatens to punish mortgage lenders if they do not give up their legal contract protections and submit to rewritten terms. The Federal Reserve and 5 other federal agencies recently issued this unprecedented joint statement:

“Institutions will not face regulatory penalties if they pursue reasonable workout arrangements with borrowers” (TMO).

In other words, the federal government will penalize them if they do not surrender their legal rights "voluntarily."

No comments: