Mortgage brokers call for study of foreclosures

Anxiety mounts as suitability standards gain momentum

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Feeling the icy wind of stronger regulation on their necks and fearing the worst from agitated regulators bent on layering on even more protections for consumers, mortgage brokers are calling for what they hope will be pre-emptive action in the form of an independent government inquiry into the causal factors of the rising foreclosures taking place across the country.

“Before you rush to the judgment that brokers are placing consumers in bad loans and before we impose ‘suitability’ standards, we have to know the cause of problem,” insists longtime south Florida broker a