Loan Think

What We're Hearing

Published June 12, 2009, 5:00 a.m. EDT

1 Min Read

So long to prepayment penalties on newly written mortgages? Well, not so fast but Rep. Marcia Fudge, D-Ohio, has introduced legislation to amend the Truth in Lending Act that would do just that. The bill was referred to the House a few days ago but has gotten little notice in the financial press. (Chances are the bill, H.R. 2794 is going nowhere but you never know.) In years past Cuyahoga County (Cleveland) has suffered at the hands of abusive lenders, in particular mortgages made by the now defunct Ameriquest of Irvine, Calif. Meanwhile, the Mortgage Bankers Association has lost another lobbyist. For the full story see the National Mortgage News website later today for the full storyâ¦

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