Maine predatory Lending legislature

Reading about this on a fellow Maine bloggers website I thought it worthwhile posting on my site as well.  Here is the link to the article.  A brief overview is that it stops two major problems: That of “Equity Stripping” and hybrid loans that start of at low rates and then accelerate quickly forcing the howeowner to refinance and thus pay more closing costs.  For the Maine real estate world I believe this to be a great step towards ensuring our industry remains fair and ethical.