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From the staff of the Tampa Bay Times

Sen. Bill Nelson targeting regulators for short-sale reporting quirk

Sen. Bill Nelson wants regulators to fix a "disturbing" credit-reporting quirk that is torching the credit of people who sold their homes in short sales.

The sales, in which people sell their homes for less than they owe in loans, are often coded as foreclosures on credit reports, scarring many seeking to repair their finances with a credit-score "kiss of death."

In a letter last week to federal regulators, the Florida Democrat cited a Tampa Bay Times report on the problem and urged penalties for the mortgage and credit industries if a fix was not in the works within 90 days.

More here.

[Last modified: Tuesday, May 14, 2013 6:27pm]


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