Another interesting week as crude oil continued it's correction, but the market gave some gains back amid earnings and worries over the state of financial institutions.
- The Fed approved new rules to protect consumers against mortgage fraud. These rules are expected to go into effect October 1, 2009. The intent is to protect against deceptive practices and establish a new set of advertising rules for mortgage lenders.
- California enacted a new Foreclosure Reform Law last week to stem the tide of high foreclosure rates. The new law requires mortgage lenders to contact homeowners in order to go over options that would avoid foreclosure. One important provision is that owners acquiring foreclosed properties would be required to maintain the exterior of vacant properties. It also extended the time frame residential tenants have to vacate foreclosed properties from 30 to 60 days.
