In California, state lawmakers are considering legislation to regulate the predatory practices of the subprime mortgage market. Home foreclosures have skyrocketed under the growth of high-interest loans to low-income Americans. The proposed measures include creating a standard process for restructuring mortgages and banning higher-interest loans when recipients are eligible for lower ones. Some 200,000 homes are expected to go into foreclosure in California next year.
California Considers Subprime Regulation
HeadlineNov 30, 2007