Colorado Foreclosures - Regulate Loan Providers Like Insurance Agents & Stockbrokers?
Posted by Damon L. Chavez on Thursday, July 5th, 2007 at 3:58pm.
Colorado Foreclosures…How do we address the problem? Is eliminating mortgage fraud the answer? Colorado legislatures are considering imposing rules & regulations similar to insurance agents and stockbrokers. Maybe, simplifying the mortgage process, eliminating misleading mortgage ads and increasing requirements on homebuyer education. Some mortgage brokers working with Colorado legislatures think differently. They feel that the consumers should assume some level of accountability and assume some of the blame. The rising Colorado foreclosures according to Bill Kidwell, president-elect of the Colorado Association of Mortgage Brokers are a reflection of the higher rates of homeownership and the consumer’s desire for instant gratification. What is the solution? Should we impose stricter regulation on mortgage providers or maybe police and enforce punishment on unethical appraisers?