Mortgage Reform Bill passes house
Yeah or OH NO!
On Thursday, by a vote of 291-127, the House passed H.R. 3915, the Mortgage Reform and Anti-Predatory Lending Act of 2007, sponsored by Representative Brad Miller. The bill would enact standards on
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Tags: foreclosures, HR 3915, mortgage financing, Mortgage Reform and Anti Predatory Lending Act of 2007
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This entry was posted on Thursday, November 22nd, 2007 at 4:15 pm and is filed under Financing News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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November 26th, 2007 14:28
First, I am a mortgage broker. I want that out there. This bill is a monstrocity and here is why. The bill is supposed to stop “predatory lending”. Well, here is an excerpt from a newspaper in Winston Salem about predatory lending.
http://www.journalnow.com/serv.....&path=!localnews&s=1037645509099
I quote
“There is no specific definition about what exactly predatory lending entails, though most observers believe that the description applies when lenders take advantage of borrowers by charging high interest rates and consider only the value of a borrower’s assets, as opposed to what the borrower can afford to pay.”
In my business, if you can’t define something and still try and stop it here is the practical effect,
“YOU HAVEN’T SIGNED ENOUGH PAPERWORK YET”
The only practical effect of this bill will be more closing documents. That’s it.
Here is how I saw it…
www.proprietornation.blogspot......nding.html
November 26th, 2007 16:01
Mike,
Thanks for your input. Obviously you are against this new act.
I’m curious though as to what are thoughts are on say Sec 104 of the bill where the government is turning the tables on loan originators by requiring them to meet some unannounced credit score or credit criteria.
This is unfortunate since there are probably many potential newcomers that want to become mortgage brokers and would be excellent, however it is another case of reducing humans to just a number and disregarding their other talents and traits.
February 7th, 2008 04:57
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