Wednesday, February 06, 2008

Sens. Feinstein and Martinez aim to curb loan abuse


(02-06) 11:53 Pacific Time San Francisco (AP) --

In an effort to control insulting loaning patterns that have got got contributed to the nation's subprime mortgage crisis, Senators Dianne Feinstein and Mel Martinez have introduced a measure that would set up people criteria for mortgage agents and loaners .

The bipartizan bill, introduced Wednesday in Washington, would guarantee that all mortgage people are trained in legal facets of lending, ethical motive and consumer protection before they are granted a license.

Feinstein, a Golden State Democrat, and Martinez, a Sunshine State Republican, stand for states difficult hit by the current subprime mortgage and foreclosure fiasco wreaking economical mayhem across the nation.

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