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News Link • Housing

Reverse mortgages ripe for abuse, consumer group says

• McClatchy News
Consumer advocates say a growing number of older homeowners and a new crop of eager lenders could steer the reverse mortgage industry down the same financial course that toppled the subprime mortgage market and left taxpayers footing the bill. In order to avoid a repeat occurrence, a new report by the National Consumer Law Center urges Congress to enact new consumer protections to curb shady marketing tactics, deceptive advertising and other potential abuses in the popular reverse mortgage program

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