The Washington Post reports that
At the [real estate] loan closing, [Treasury Secretary Henry M. Paulson Jr.] wrote, "the most critical facts, including potential future monthly payments, should be on a single page in clear, easy-to-understand language."In addition, he said the United States should consider replacing the disparate state rules that govern mortgage brokers with a national system.
Between predatory lending and complicated disclosure, "some of the conduct and practices I have learned about are shameful," Paulson said. "The development of a uniform national licensing, education and monitoring system for all mortgage brokers is worth considering."
