An article in this morning’s Wall Street Journal (subscription) looked at a two-year battle that finally culimanated earlier this month in Illinois’ finally passing legislation in an attempt to curb the effects of the subprime lending fallout that been so widespread in recent months.
The legislation, will require people in the Chicago area considering a “nontraditional” home loan, such as one having prepayment penalties or interest-only payment options, to spend an hour or two with a credit counselor so they’ll be less likely to be deceived by unscrupulous lenders or simply confused by technical language or procedure.
Press release
Proposed rule
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