Wisconsin Lawmakers To Announce Proposals To Curb Foreclosure Rescue

In Milwaukee, Wisconsin, the Miwaukee Journal-Sentinel reports that two state lawmakers "plan to announce on Tuesday proposed state curbs on the industry whose members call themselves mortgage rescuers. These rescuers promise homeowners who have defaulted on their mortgage payments a way to save their homes - often only to fleece, in any number of ways, what little home equity their customers have left."

The proposal, called The Homeowner Protection Act, will be announced at a 10 a.m. press conference at the Milwaukee County Courthouse. The lawmakers said they're modeled after tough consumer-oriented provisions in Minnesota law. For more, see Evicting those foreclosure con artists.

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.).