District Of Columbia Considering Statutes To Regulate "Foreclosure Rescue"

The Washington Post ran an editorial on Monday on the Maryland-based foreclosure rescue operator Metropolitan Money Store. There's nothing new on the case itself, but there is a mention that:

• The D.C. Council is considering a bill to prohibit foreclosure consultant rip-offs in the District. Shepherded by Mary M. Cheh (D-Ward 3), the legislation, which is likely to pass, would outlaw the kind of promise that the Metropolitan Money Store allegedly made and allegedly broke: Hand over the title to your house in return for a bailout. The bill also declares that anyone who engages in the foreclosure rescue business is legally bound to act in the homeowner's best financial interest.

For more, see Foreclosure Fraud (The D.C. Council contemplates a law to prevent it).

Go here for other posts on Metropolitan Money Store.

For more on equity stripping scams, generally, see DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (4.61 MB approx.). joy jackson