New Oregon Laws Protect Consumers from Predatory Lenders

Homeowners and credit consumers benefit from two new laws signed this morning by Oregon Gov. Ted Kulongoski. One requires lenders to notify homeowners facing foreclosure of the right to a meeting, and to assess whether the borrower is eligible for a loan modification. The other requires mortgage loan originators to be licensed by the state Department of Consumer and Business Services and registered with the Nationwide Mortgage Licensing System and Registry. The governor unveiled the new laws at the new offices of the African American Alliance for Homeownership at the Oregon Plaza Building, 825 NE 20th Ave., Portland, on Thursday, July 30.

To watch the video click here: http://www.youtube.com/watch?v=vhxS1KP-uz0