As people across the country begin to take notice of recent news involving the housing market and the state of the subprime mortagage industry, steps are being taken to reverse the economic damage.

Well-known fair housing advocate, the National Community Reinvestment Coalition have teamed with some subprime lending companies to encourage the establishment of laws to regulate nationwide foreclosure proceedings. This is in answer to the large amount of recent property reposessions upon homeowners with subprime loans. The legislation would still allow qualified borrowers to obtain mortgages while providing guidelines that will safeguard from predatory and unsafe lending practices. It could also afford those facing foreclosure the time and opportunity to receive a fair assessment of their circumstances prior to litigation.

Perhaps sensing the need for change from within, some mortgage finance companies have begun offering restructured fixed-rate mortgages to replace the high-interest, adjustable rate loans held by some of their sub-prime customers. In the long run, this will provide homeowners with poor credit ratings the chance to bounce back from the brink of foreclosure as they start to rebuild their borrowing history. Eventually, this will contribute to the reestablishment of our economy and the housing market on a national scale.

To search for properties or for further information on the local housing market in the Ocala, Marion County area, visit our main website at http://www.crystalmccall.com/.