(reuters) U.S. bank regulators issued proposed guidance on Tuesday telling mortgage lenders they should take caution with innovative new mortgage products that may strain the finances of borrowers and banks as interest rates rise.
“While innovations in mortgage lending can benefit some consumers, the agencies are concerned that these practices can present unique risks that institutions […]

Mortgage foreclosures are increasing in South Carolina and nationwide, and so are the number of companies who say they can help people in debt.
The trend has consumer advocates warning the public about “mortgage rescue scams.” They also say most people can do for themselves what these companies charge hundreds of dollars for.

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The it looks like the law has finally caught up with a bunch of West Coast scam artists who keep popping up around the country. Interesting story
When Contact 4’s Joe Ducey confronted the Dorean groups’s Scott Heineman, he claimed there were no risks and that for a fee, he would help anyone get out of […]

Bond and banking interests Tuesday endorsed federal legislation creating national protections against predatory mortgage lending, but civil rights groups said the bill could weaken current state laws, hurting minorities and low-income borrowers. read more>

the Office of the Comptroller of the Currency, the Federal Reserve, The Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the National Credit Union Administration have issued a new guide to credit risk management for home equity loans.
The document is said to have been issued because the agencies “have found that, […]

More on Freddie Mac:
(AP) The Bush administration is proposing that Congress reduce the multibillion-dollar holdings of mortgage giants Fannie Mae and Freddie Mac, a plan bitterly opposed by Democrats but gaining momentum on Capitol Hill as Republican lawmakers push to rein in the powerful companies recently beset by accounting scandals.

New York Attorney General Eliot Spitzer is questioning some of the nation’s biggest banks in an investigation of potential discriminatory practices in setting mortgage rates and fees.
“We are looking at the HMDA (Home Mortgage Disclosure Act) data and other information that would help us understand how the loans are being priced and whether or not […]

AP> To slow the rapidly growing Medicaid program, some lawmakers would like to make it harder for the elderly to shelter their assets as a way to have the government cover more of their nursing home expenses.
GOP members of the House Energy and Commerce Committee asked state Medicaid directors on Wednesday what they have done […]

Home- equity loans and credit lines - have entered the gun sights of a key congressional committee.
The staff of the influential Joint Tax Committee, which advises the House and Senate on tax policy issues, has proposed the elimination of interest deductions for all second mortgages and credit lines. The proposal is included in a wide-ranging […]

Sick of receiving mortgage spam, well finally the law has stepped in….
A federal judge ordered a Los Angeles company Wednesday to stop sending unsolicited e-mails the Federal Trade Commission and California’s attorney general allege violate so-called anti-spamming regulations.
U.S. District Judge Samuel Conti, at the urging of the government, directed Optin Global Inc. and its owner […]