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Foreclosures have hit an all time high in Florida, and now lawmakers want to fix the lending problem. A bill to prevent future foreclosures was announced Wednesday. The legislation requires lenders to verify the borrower�s ability to repay the loan. The bill also bans prepayment penalties on sub prime loans.

�No more loans just based upon telling something, you actually have to prove that you actually have the income to pay these loans back,� said Democrat State Representative Scott Randolph. �That benefits, not only the consumer from finding themselves in a situation they shouldn�t be in, but it benefits the markets and bolsters our economy and the housing market as a whole by not having foreclosures. Not having markets collapse. Not having the stock market collapse. Because of these mortgages that are sold under the market.�

Lawmakers said many borrowers simply aren�t aware that they could get a lower interest rate. The bill would require lenders to tell clients if they qualify for a lower cost loan.