FHA Book

Minnesota Says Farewell to Predatory Lending

For now, at least. I’m sure there will be some new swindle in a decade or so, but it’s great to know that states are working hard to protect their hardworking citizens. Here’s an excerpt from the article on TwinCities.com:

“It’s going to slow the industry down,” said Louis Olsen, president of River City Mortgage and Financial, a mid-sized lender in Eagan that has stopped making stated-income loans. “I think everybody has pretty much succumbed to the fact that everybody has to do business the way we did 10 years ago.”

Going back to honest business practices? Doesn’t sound like such a bad thing, now does it?