Well this is a step in the right direction for some if not many. According to the Sacramento Bee, Governor Arnold Schwarzenegger signs a bill that would bar mortgage lenders from taking applications or fees for reverse mortgages until the potential consumer has received a counseling session. I believe if more people were given proper and informative counseling, this would reduce the amount of mortgage fraud and potentially even foreclosures. Why do I say this? I say this because there are many people that go sign loan papers without really understanding what they are receiving. It sounds good up front and then months down the road it turns into a complete nightmare. Some people will even tell you they did not understand what they were getting themselves into. This bill signing seems like a step in the right direction.
