Plan from Fed follows state, federal legislation
Wednesday, December 19th, 2007
By Chris Fitzsimon
MIKE DRUMMOND
mdrummond@charlotteobserver.com
Before the Federal Reserve on Tuesday unveiled proposals to fight subprime lending abuses, spiraling foreclosures prompted lawmakers and agencies this year to tighten lending rules to better protect consumers.
Housing advocates complain some of these measures don’t go far enough. Critics say caveat emptor — let the buyer beware. Here’s a roundup of some approved and pending regulations and plans:
• The N.C. Real Estate Commission decided unanimously on Dec. 12 to draft a rule that would require agents to provide a written disclosure of bonuses they receive from sellers before their clients make a decision to buy a home. The move followed an Observer investigation published in September of Realty Place, a Charlotte-area company that received millions of dollars in bonuses from homebuilders in exchange for finding buyers. Observer reporters spoke to more than 50 Realty Place clients, none of whom remembered being told about a bonus the agent received. more…
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