The Obama Administration is taking steps to protect our future from similar financial disasters, such as the one we are experiencing today, by placing tighter restrictions on national mortgage lending practices.

These changes in real estate practices will require lenders to offer 'simple term' mortgages, mortgage brokers to offer homebuyers the best available mortgage loans and a ban on prepayment penalties. While these are only a few of the requirements under the proposal, these types of regulations would be applied to every lender, nationwide.

In the words of Charles McMillan, president of National Association of Realtors (NAR) “Regulatory reform will be a monumental undertaking,” he says. “NAR looks forward to working with our members, Congress and the administration to craft a final product that allows for efficient, competitive and innovative markets, while providing consumers the protection they need and deserve.”