State Senator Jim Ferlo and ACORN held an event in Pittsburgh to help homeowners facing foreclosure. Ferlo's bill requiring mortgage lenders to be state licensed has yet to pass the House and be enacted into law.
"In Pennsylvania you have to have a license to cut someone's hair. You have to have a license to sell a house," Ferlo said. "But you don't need a license to engage in the predatory practice of selling subprime loans."
The ACORN workshop was designed to help those facing the loss of their homes with options and information. ACORN has been working to stop predatory lenders for years, long before this crisis manifested itself. PNC Bank also cohosted the event. Help is available to homeowners, from organizations such as ACORN, the state banking website and nationally through Hope Now. I have several articles outlining these in our archives.