Nelson: Consumers in Short Sales Need Credit Support

May 28, 2013
Tampa Bay Online  
mortgage lending news

U.S. Sen. Bill Nelson (D-Fla.) is drawing attention to a technicality that is blocking some home buyers from participating in the housing market. Distressed borrowers who sold their homes for less than the mortgage balance during the housing meltdown are now eligible to purchase again. They are running into roadblocks, however, because creditors and credit unions coded their transactions as foreclosures -- which hit consumers' credit harder than short sales. "I have put the federal government on notice, if they don't do something to straighten things out in the next two months, I'm going to ask the president to start firing people in [the Consumer Financial Protection Bureau and the Federal Trade Commission]," Nelson threatened. If no solution is devised, he warned, "we're going to have a serious diminution of our ability to turn over real estate sales."
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