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Mortgage lenders, homebuyers taking protective measures.

Publication: Mississippi Business Journal
Publication Date: 30-APR-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
With some unrest and correction going on in the mortgage industry nationwide, there are ways homebuyers and lenders can protect themselves, and there are groups who can help.

As regulators, the Mississippi Department of Banking and Consumer Finance is putting out guidelines to lenders, encouraging better disclosures in plain English.

"The exotic products of sub prime lenders have come about by trying to get people who don't qualify for traditional loans into homes," Commissioner John Allison said. "Many times, these people do not understand these products. We're not saying don't lend the money, but do it responsibly."

To lenders: do a...

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