New Federal Statement on Subprime Mortgages

The Federal Financial Agencies have issued new standards for subprime mortgages. These new standards include protection for consumers with adjustable rate mortgages which require that the lender provide 60 days notice prior to a rate increase to give consumers time to refinance their loans without a prepayment penalty. They also encourage lenders to enter into workout arrangements with borrowers prior to commencing foreclosure proceedings. Follow this link to the full text of this document. http://www.federalreserve.gov/boarddocs/press/bcreg/2007/20070629/attachment.pdf

Credit bureaus sell your phone number to lenders - Los Angeles Times

In another invasion of privacy, the nations largest credit bureaus have started selling leads to lenders. When you apply for a mortgage or other loan, the credit bureaus sell those leads to other lenders. Some lenders are paying in excess of $20,000 per month for these "Target Leads". To opt out of this practice and protect your privacy go to www.optoutprescreen.com. To get rid of sales calls, register with the national do not call registry at www.donotcall.gov.

Credit bureaus sell your phone number to lenders - Los Angeles Times