Revisions to Mortgage Lending Law Would Have ``Significant Social and Economic Impact'' on Oklahoma, Says Lending Official.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--Nov. 20, 2003 The Oklahoma Home Ownership and Equity Protection Act (OK HOEPA HOEPA Home Ownership and Equity Protection Act ) strikes a sensible balance between protecting consumers and ensuring wide access to credit by avoiding the unintended consequences For the "Law of unintended consequences", see Unintended consequence Unintended Consequences is a novel by author John Ross, first published in 1996 by Accurate Press. of laws seen in other states, Greg Williams
Please [ improve this article] or discuss the issue on the talk page. Association (OFSA OFSA Office of Fraternity and Sorority Affairs OFSA Oracle Financial Services Application OFSA Office of Federal Student Aid OFSA Objective Family of Small Arms (US Army) OFSA Office for Study Abroad OFSA Oak Forest Swim Association ), told a meeting of the Oklahoma House Banking Interim Committee today. The OFSA estimates that a billion dollars in subprime mortgage loans were made in Oklahoma in 2001. "Revisions to the laws along the lines of those seen elsewhere could have a significant social and economic impact in Oklahoma," he said. North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , for example, saw a drop of 14% in the number of subprime loans Subprime Loan A loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Notes: Subprime loans tend to have a rate that is 0.1% to 0.6% higher than the prime rate. made after its flawed law was enacted, a drop directly attributable to the law's unintended consequences. "If a 14% decline in subprime credit occurred in Oklahoma as it has in North Carolina, we estimate that about $135 million in new subprime loans per year would not be made in the state," said Williams. "In Oklahoma, the sub prime lending industry makes a significant contribution to the state's tax revenue, and to construction and real estate," he added. "But its most significant contribution is to give home ownership and other loan opportunities to middle aged middle income home owners who are the borrowers most likely to be hurt by changes to the Act. "Oklahoma got it right when the legislature passed the Oklahoma Home Ownership and Equity Protection Act. It should now stay on this course and preserve the balance between targeted enforcement aimed at abusive lenders and brokers, and access to mortgage credit for all Oklahomans." The Oklahoma Financial Services Association is a non-profit trade association representing regional, national and international corporations who provide a broad range of financial services including home purchase and home equity loans. |
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