ANNAPOLIS, Md. -- Statistics show Baltimore city sees nearly twice as many home foreclosures than Philadelphia.
To combat that, lawmakers have created a new initiative to help potential homebuyers make good decisions when choosing a mortgage lender.
According to Rep. Elijah Cummings, D-Maryland, people need to realize the history of some of the firms that are available.
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"For example, if there's a 60 percent foreclosure rate and you know that from the beginning, then you've got to talk to somebody and say, 'Is this the right thing for me to do?'" Cummings said.
Cummings has introduced legislation in the past to strengthen regulations in the subprime lending market and to mandate preloan counseling.
(wbaltv.com)
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