Wednesday, February 6, 2008, by Sarah Hromack
Senators Diane Feinstein and Mel Martinez are sick and tired of predatory loan lenders, and they're not having it anymore. Not. Having. It. Enter today's bill, introduced in Washington by Di-Fi and Mel M.; it's stated goal— brace— is to establish professional standards for mortgage brokers and lenders. Professional standards! For brokers and lenders! Of what ilk, you ask? Under the proposed law, all such involved parties would be required to undergo extensive training on the legal and ethical implications of lending before dipping their greedy paws into the pot. (No word yet on the proposed curriculum, though it's rumored to resemble the same rigorous ethical training agents slog through before securing their license.) Lot'sa political bandstanding going on these days on the mortgage front— In Di-Fi we trust?
· Sens. Feinstein and Martinez aim to curb loan abuse [SF Gate]
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