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The mortgage and finance market will be heavily regulated moving forward

 

The governments plan to revamp the credit markets will include new regulation according to Treasury Secretary Robert Paulson.

The credit crisis and rapid decline of the housing market will bring new reforms to mortgage lending. The growing speculation has been that the government would begin requiring mortgage brokers to become licensed and more heavily regulated. The plan outlined today would again put the responsibility of broker oversight on states to self regulate. The proposal included key changes to the role of the Federal Reserve. The Fed's new roles would include powers to help regulate the rules for the mortgage industry moving forward. This proposal is certain to be widely debated on Capital Hill as politicians will be eager to try and ensure that the current housing mess, created in large part by the rapid decline of the mortgage and sub prime loan market never happen in the future. The real challenge is going to be creating one centralized party that has authority and oversight over the markets. The present systems are too fragmented and  involve too many committees to be effective. Their is a need for one source of central accountability, similar to the role of the IRS in handling tax issues.

3-31-2008 ? LoanNetwork.com

 

 

 

 

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