Government targets rogue Mortgage Brokers
Wednesday November 28, 2007
A new bill is set to go through early next year that will hopefully see an end to unscrupulous brokers taking advantage of people who are desperate for finance.
One of the major complaints about mortgage brokers is that some, who are giving the whole industry a bad name, are helping to refinance a home loan for you but the loan seeker is getting the short end of the stick with large 'up front' fees to pay the broker for a loan the consumer can't repay.
The bank is obviously secured with the home being repossessed leaving the former home owner without a home.
The new bill is expected to result in brokers needing a license to do business. Repeat offenders can be banished from the industry and most importantly, the law courts will be an avenue for remuneration for people who are taken advantage of.
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