Fed adopts plan to curb shady mortgage practicesWASHINGTON - July 15, 2008 - For Roxanna Evans, the Fed's new rules to crack down on abusive lending practices, approved Monday, came too late.Evans is facing foreclosure on a home she bought in Ohio several years ago but moved out after finding it was in a neighborhood where drugs and prostitution were rampant.In retrospect she contends that her mortgage lender, appraiser and real-estate agent were all working together to inflate the value of the home at her expense. "They all let me down," she said.The Fed's new plan will curb shady lending practices that have figured prominently in the housing crisis and propelled foreclosures like Evans' to record highs.Lax lending standards during the heady days of the housing boom ended up burning th...
Comments
1