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Newsom Fights Predatory Loans

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In what some are sure to regard as government nanny-ism, city officials are trying to counteract bad practices by institutions and bad decisions by individual homebuyers. Mayor Gavin Newsom is taking steps to insulate San Francisco from potential default and foreclosure fallout by asking financial institutions to both increase outreach to at-risk homeowners and to alter loan terms for borrowers who've been good on their payments thus far. Quoth the Gavster: "S.F. residents should not have to suffer the same fate as countless other families who have lost their homes across the nation." Wow, we feel elitist special. [sfgov.org]