30 Sep Kansas Attorney General to Investigate Mortgage Foreclosures
My colleague, Kent Anderson, recently posted about protecting yourself from predatory lending. Politicians are starting to take action, too. On Friday, Kansas Attorney General Paul J. Morrison announced the creation of a task force to investigate the reasons behind home foreclosures, including mortgage fraud and subprime lending.
Morrison appointed Kansas Banking Commissioner Tom Thull to chair the task force, which will consist of representatives from the lending and real estate industries as well as consumer advocates.
Changes in the marketplace have led to the development of non-traditional mortgage products, some with negative consequences for consumers, Thull said. This task force will assess all aspects of non-traditional mortgage products currently available and develop recommendations to safeguard Kansas consumers.
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