| The new changes in the mortgage laws in | | | | Minneapolis and Minnesota home owners. As |
| Minnesota have left many consumers in a | | | | months go by you will start to see an alarming |
| bitter-sweet position. For the most part, the | | | | amount of foreclosures as adjustable rate |
| mortgage brokers that are left in Minneapolis are | | | | mortgages begin to sky rocket as home owners |
| the professionals who call this industry their | | | | have no where to turn for financing. To top it off, |
| career. These individuals maintain a high standard | | | | these unethical mortgage brokers pushed their |
| of ethics to provide their customers with the best | | | | appraisers to indicate that they value is more |
| financing alternatives available on the market. | | | | then it actually is, which leaves many home |
| On the other hand, the unethical mortgage | | | | owners in Minneapolis with a higher mortgage |
| brokers that have left the mortgage industry in | | | | balance then the house is actually worth. |
| Minneapolis have left the career minded | | | | This is all bad news for those who are in over |
| professionals with an uphill battle. Not only have | | | | their heads, but on the flip side it is good news |
| these brokers practiced predatory lending but in | | | | for those who put off home ownership. With an |
| doing so they have changed the landscape of the | | | | abundance of homes for sale or in foreclosure in |
| Minnesota mortgage industry. Due to their efforts, | | | | Minneapolis, home buyers have the upper hand |
| the Minnesota legislature has passed a law banning | | | | when it comes down to negotiating the price of a |
| stated income loans, which mainly affect the self | | | | home. Current home owners are willing to do |
| employed because of their write offs on their | | | | anything physically possible to avoid foreclosure, |
| taxes at the end of the year. | | | | even if that means bringing in thousands of dollars |
| Also, in their path of destruction they played their | | | | to walk away. |
| part in the lenders closing their doors to | | | | |