Minnesota’s Senate unanimously approved a bill to prohibit predatory lending practices in the mortgage industry. The Minnesota bill requires brokers and lender to ensure that borrowers have a “reasonable ability to pay.” It also bans certain types of mortgages to high-risk borrowers that have shown to be ripe for abuse.
The same bill has already been approved by the Minnesota House of Representative. It will go to Governor Tim Pawlenty for his signature. The Governor has been supportive of the legislation.
This entry was posted on Friday, April 13th, 2007 at 4:28 pm and is filed under Bankruptcy and Predatory Lending. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.