Going to be Harder to Stop Foreclosure

On our main foreclosure blog, today we have a post about the recent US Senate hearings on predatory lending practices of mortgage lenders. The idea is to make it look like the government is protecting homeowners from unscrupulous lenders and instituting new reforms for the industry.

One problem, though: the only idea presented by the Senate was to put the Federal Reserve in charge of imposing regulation on the mortgage industry. The Fed is not a government agency -- it is a private bank.

Do any homeowners want a private bank, with no outside audits or accountability, to be in charge of regulating the lending policies of other banks who, in fact, own the Fed?

To read more about the issues, please visit today's blog here.

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