I read an interesting article this morning on the current state of foreclosures in our country.  Most of the article is below for your reading.  I thought that lending institutions were heavily regulated.   Am I wrong?  What type of additional lending regulations are needed?

The gist of the article: 

Consumer Advocate Dr. Lisa Rosenberger, President & CEO of American Mortgage Educators, Inc., a coalition of female Consumer Advocates to empower, protect and educate the 65 million homeowners that they claim to represent.

"I formed this Coalition of Consumer Advocates because our country is in crisis as never before! Foreclosures are growing into the millions, predatory lending and mortgage fraud are rampant, and home loan borrowers are experiencing payment shock as their adjustable rate mortgages adjust upwards. I blame the federal and state governments for their lack of regulation of lenders and licensing of loan officers. I blame the greedy, unethical and uneducated mortgage lenders and brokers that put loan borrowers into risky products without explaining the full ramifications of those products. And, I blame the greedy real estate agents that sold people homes they could not afford. As a Coalition of Consumer Advocates, we will hold these groups and individuals accountable for their actions, and we will affect real change in this country," said Consumer Advocate Dr. Lisa Rosenberger.

The coalition has set an impressive agenda that includes stamping out predatory lending, mortgage fraud, servicing fraud and exposing unethical professionals in the lending, real estate and mortgage industries. It will also look for help from the FBI, Attorney Generals, and local District Attorneys to assist them in the prosecution of any criminal activity perpetrated on any homeowner or home loan borrower.

"Greed is the root cause of the current lending crisis. We need to take a three pronged approach to solving this travesty by educating the public, industry professionals, and government officials. We need strict government regulations in all states for industry professionals and lenders. Many, of whom, are destroying the lives of millions of Americans by financing them into exotic mortgages only to lose their homes within a few years," said Consumer Advocate Tawney Warren. She added, "Bullet proof your finances by educating yourself and taking action to protect your family's future."

"Lenders have demonstrated that borrowers qualifying for the products they receive are a low priority in favor of increasing loan volume and profits to the banks. Even worse, an increasing number of Loan Agents are crossing into the mortgage industry from outside sales without any certification or license being required. This is contributing to an increase in unethical practices that are becoming common place and putting hard working Americans at risk of losing their most valued investment, their home! This is a travesty that must not be tolerated. Consumers must now protect themselves...educate yourself, plain and simple," said Consumer Advocate Tracy Allen.

"I made the decision to educate, empower and protect women through AME from my heart. I now must use my head to make it work. There is much work to be done and I am looking forward to it. Women need to realize that being taken advantage of in the PAST is the catalyst for the change that is happening NOW through the AME Advocacy. I am both honored and proud to be a part of this change," said Consumer Advocate Colleen Dwyer. She added, "Make the decision to take the power away from predatory lenders and give it back to yourself."

The coalition of Consumer Advocates is asking all homeowners to review their loan documents, so that they may familiarize themselves with the full ramifications of their particular loan product. For those who do not understand their loan documents, the Consumer Advocates are pleading with you to contact them directly by logging on to the Consumer Information Center located at http://www.americanmortgageeducatorsinc.com/ where professional help will be on stand by for assistance.

You are encouraged to visit your Consumer Information Center where a wealth of information is available to you. In addition, a call to action is being issued by the Consumer Advocates to visit the website http://www.americanmortgageeducatorsinc.com/ and learn how to help in affecting the change with your state and federal government agencies.

SOURCE PRNEWSWIRE