Emergency in the State of Oregon...according to Senators Avakian and Brown.
If we are to believe the fine Senators ... The national trend of falling housing prices and rising foreclosure rates has not yet reached Oregon, and there is still time to take effective action that will prevent thousands of Oregonians from entering into predatory mortgages and facing unnecessary foreclosures in the future.
This according to the proposed legislation in the Oregon Home Loan Fairness Act 2007 s 3 (1)(e).
Well that sounds reasonable? RIGHT???
The original version was directed at high cost loans... but now your options are dwindling. A huge number of "non traditional loans" will be effected if this legislation passes in its current form.
Why is "NON TRADITIONAL" so important? It will affect your ability to chose!
If you want
- an INTEREST ONLY mortgage
- a PAYMENT OPTION mortgage
- a SHORT TERM INTRODUCTORY RATE option
- any REDUCED DOCUMENTATION
OREGON IS SAYING...NO!!! You silly Oregonian! The government doesn't think you can make a decision about your own finances.
These proposals will effect...
- any loan, adjustable or FIXED that has an Interest Only feature.
- Construction Lending
- HELOCS
Don't let the State of Oregon chose for you! Call me today to discuss your options now...before it is too late!
Comments(2)