Economic Policymakers Look to Crack Down on Mortgage Crisis
KENNEWICK, Wash. - Some local mortgage brokers are optimistic about proposals for tougher rules to fix the housing credit crisis dragging down the national economy.
A group from the president's administration is hoping to prevent future loan problems. It's recommending things like new rules for credit rating agencies, a national licensing system for mortgage brokers, and tougher disclosure requirements for lenders.
One broker said making the loan process more clear will help re-establish trust with consumers.
"If they want to regulate us and put us in a database, it would be great so people could look into it, check it, and see if we're in good standing, a good company, a strong company," said Jay Almagear, Mortgage Broker, Tri-City Mortgage.
A group representative said the next step is figuring out how to implement the recommendations.