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Article: It's time for federal disclosure legislation. (banking industry) (Column)
- Article from:
- American Banker
- Article date:
- February 14, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Now that Congress is again in session and considering possible banking legislation, one item that merits inclusion on any list of worthwhile reforms for 1992 is federal foreclosure legislation.
In recent years, federal involvement in mortgage lending has become increasingly pronounced, with the federal government directly or indirectly underwriting more and more mortgage credit.
Yet enforcement procedures for the credit remain subject to the moods and vagaries of 50 state legislatures.
For other types of commerce, the states have enacted with near unanimity a Uniform Commercial Code that is virtually identical in each state and governs business ...