Veteran journalist Carl Hoffman believes he’s solved one of the great mysteries of the 20th century. In 1961 at the age of 23, Michael Rockefeller – son of New York Governor Nelson Rockefeller and a member of one of the richest and most powerful families in America ¬– travelled to remote New Guinea in search of primitive art for his father’s new museum.
Governor Signs Predatory Lending Law
Governor Taft today signed into law a measure designed to prevent predatory lending. Taft signed the law at the Columbus home of Larry and Martha Clay who were victims of predatory lending.
The measure requires licensure of appraisers as well as national criminal background checks for mortgage brokers, loan officers and appraisers. The bill prohibits a mortgage broker from bribing or otherwise trying to influence an appraiser.
The new rules target sub-prime loans, which generally carry interest rates above eight percent and are designed for people who can’t qualify for traditional mortgages.
Those in the mortgage industry who fought the bill have warned it could drive up costs for consumers.
Copyright 2006 by The Associated Press. All Rights Reserved.