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  • ( ) Mortgage rules changing for borrowers and lenders

    Since 2005, several hundred convicted criminals have applied to the South Carolina Department of Consumer Affairs to become mortgage brokers, according to staff attorney Charles Knight.

    The department rejected them all.

    Yet the very existence of the applications themselves attests to the beleaguered state of the mortgage industry, now the target of state and federal legislation that would curb unregulated “deceptive” or “unfair” lending practices. The Federal Reserve Board also joined the fight, proposing a series of rule changes Chairman Ben Bernanke says would cut deceptive lending.

    But consumer advocates claim Bernanke and the Fed must go further.

    “The FRB’s proposed rules are riddled with loopholes,” said Michael Calhoun, president of the Center for Responsible Lending, a Durham, N.C.-based nonprofit. More>>

  • ( ) For Your Information

    Sample Rd., Coconut Creek; $4 breakfast plus $1.50 park entrance fee, free for children 4 and under, separate costs for other activities. 954-968-3880.

    Broward County Audubon Society Birding Field Trip: The group meets in the first right parking lot of the park; 8 a.m., Easterlin Park, 1000 NW 38th St., Oakland Park; free but must pay $1.50 park entrance fee. 954-776-5585.

    Downtown Hollywood Art Walk: View various types of artwork at local galleries in Hollywood's historic downtown art and entertainment district. Takes place between Federal Highway and 21st Avenue and Harrison Street and Hollywood Boulevard; 7 to 10 p.m., free. 954-921-3016 or downtownhollywood.com.

    Ecoaction Day: Volunteers ages 13 and up can help clean up trash, plant native plants and remove non native invasive plants. More>>

  • ( ) Dodging the mortgage crisis

    Though the mortgage-lending industry has slumped badly nationally, with reverberations felt in the stock market, residential mortgage specialists here say the Spokane area�s conservative nature has allowed it to remain relatively unscathed. Lenders here largely have steered clear of the subprime market, they say, and homes here didn�t become dramatically overpriced, as occurred in some larger urban centers. Those factors have helped deter the rapid depreciation in home values that has kept borrowers in those areas from being able to refinance their way out of such high-interest, adjustable-rate, and undocumented-income loans. Those factors don�t mean, though, that the Inland Northwest hasn�t been affected by the chaos. Seattle-based Washington Mutual Bank and Calabasas, Calif.-based Countrywide Home Loans Inc., both of which are prominent players in the mortgage market here, have had widely publicized mortgage lending problems that illustrate the fragility of the market nationwide. More>>

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