Seven Maryland mortgage brokers and AFSA file suit opposing new local lending law 2006-02-21
February 2006 Summary: The American Financial Services Association and seven Maryland brokers have filed a lawsuit in the circuit court to prevent Montgomery County from enforcing a predatory lending ordinance that would have the effect of allowing the county to regulate specific mortgage lending terms when, they say, it has no legal authority to do so.

Obama introduces new federal bill to curb mortgage fraud 2006-02-21
February 2006 Summary: Illinois Senator Barack Obama on Feb. 14 proposed the Stopping Transactions which Operate to Promote Fraud, Risk and Under-Development (STOP FRAUD) Act, a sweeping set of federal reforms to combat mortgage fraud, beef-up enforcement actions and create a national database of brokers who have been disciplined. The bill would also authorize $10 million for anti-mortgage fraud programs in the Departments of Justice and Housing and Urban Development.

Iowa legislator seeks to prohibit illegal immigrants from getting mortgages 2006-02-21
Iowa legislator seeks to prohibit illegal immigrants from getting mortgages Issue: BrokerNewswire - February 2006 Summary: Iowa State Representative Bill Dix recently introduced legislation requiring proof of citizenship for people who apply for a home mortgage. Dix says government should not enable illegal immigrants to \"enjoy a piece of the American dream.\"

Rhode Island legislative commission releases report on predatory lending 2006-02-21
February 2006 Summary: Following a two-year investigation into the state’s mortgage lending market, the Rhode Island General Assembly’s Predatory Lending Study Commission has released an 83-page report outlining their findings and making legislative and regulatory suggestions for ways to fix the growing problem.

Industry outcry results in delay of comment period on proposed nontraditional mortgage product rule 2006-02-21
February 2006 Summary: While industry groups such as the MBA, ABA and HSBC scored a minor victory in securing an extended deadline by which to comment on the new federal guidelines for risky mortgage products, the Conference of State Bank Supervisors took the lead in submitting their thoughts, and has recommended that the government overhaul the disclosures and disclosure process for all residential mortgage products, including nontraditional.