Michigan homeowners could get relief from predatory lending
Quoted With Edits From: Michigan homeowners could get relief from predatory lending (WZZM 13 Grand Rapids)
Mortgages and Foreclosures
In recent times, foreclosures seem to be just as common as mortgage loans or taking out a cash advance. Foreclosures are so common because of the deregulation of the mortgage industry. Because of the financial crisis the government is finally fighting back.
The Attorney General of Michigan Mike Cox recently announced a huge settlement between the state and Countrywide Financial. Countrywide is the nation’s largest mortgage lender. Countrywide has been accused of misleading marketing and deceiving incentives, which have been attributed to the upsurge of foreclosures across the nation. The settlement requires Countrywide to refinance thousands of mortgages, to financially assist its borrowers, and to put an end to its questionable lending. The best thing about the settlement is that it’s not a bailout, it’s more like a cash advance. Countrywide will be paying for damages–not taxpayers.
A Change of Direction
Let financial freedom ring with the help of a cash advance!
It’s a good thing that government is finally taking action to combat the nation’s tumultuous financial situation. However, politicians are trying to shift from deregulation to over-regulation. Neither of those things are what America needs. Now, the government is trying to eliminate some of our financial freedoms, including access to the cash advance industry. Americans need more options when it comes to repairing our finances–not less. Let (financial) freedom ring!
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