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Senator McCaskil: Reverse mortgages may become the next sub-prime mortgages

By Implode-Explode Heavy Industries

"?While reverse mortgages are great for some seniors, too many of our greatest generation are being hoodwinked by misleading advertisements and predatory lenders looking to make a buck,? McCaskill said. ?Because these are government-insured loans the taxpayers are on the hook when they default. If we don?t put in place some better oversight measures, we?re going to end up in a mess worse than we saw with the subprime lending collapse.?"

Full post as published by Mortgage Lender Implode-o-Meter on May 13, 2010 (boomark / email).