TAMPA — Sen. Bill Nelson is visiting downtown Tampa this morning to hold talks with mortgage officials over widespread problems with short sales.
Because credit bureaus lack a distinct code for short sales, they are often incorrectly coded as foreclosures on credit reports.
Mortgage brokers said that damages short sellers' credit and severely lengthens the amount of time they must wait for a new loan.
Nelson lambasted federal regulators earlier this month at a U.S. Senate subcommittee meeting for not insisting banks or bureaus fix the coding error sooner.
"I would appreciate it if you all would stop this nonsense and get it coded correctly so that our people are not being penalized," Nelson said.
The Florida Democrat will meet with short sellers, mortgage brokers and representatives from banks and credit unions for a private roundtable 11 a.m. at the federal courthouse.