Rep. Miller On Acting Now On Mortgage Reform
Posted on June 12, 2009
Filed Under Mortgage Lending |
Today, the House will vote on the Mortgage Reform and Anti-Predatory Lending Act, H.R. 1728. The bill responds to the subprime mortgage crisis by instituting much needed reform to prevent these bad loans from being made in the first place. It stops the kinds of predatory and irresponsible mortgage loan practices that played a major role in the current financial and economic meltdown and prevents borrowers from deliberately misstating their income to qualify for a loan.
These long overdue reforms, which Democrats have been advocating since 1999, perhaps could have prevented the current crisis.
To restore the integrity of mortgage lending industry, this bill will make sure that the mortgage industry follows basic principles of sound lending, responsibility, and consumer protection.
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3 Responses to “Rep. Miller On Acting Now On Mortgage Reform”
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This Bill is …
This Bill is advocated by the mortgage lenders to reduce & eliminate the competition provided by mortgage brokers. It was the Lenders who propagated the subprime mess by making these unsound lending products available because of the demand for mortgage backed securities. What consumers do not realize is that the fees charged by Mortgage Brokers must be disclosed whereas the back points charged by Mortgage Bankers are not disclosed - why is that??? To recreate the lending monopoly!
Why are they taking …
Why are they taking away the yield spread premium from mortgage brokers but allowing bankers to keep charging it and on top of that, bankers don’t even need to disclose it to the consumer! That is so unfair to the brokers and consumers. Why the bias? This is really bad for the economy and will drive mortgage brokers out of business. We’re talking hundreds of thousands of jobs lost! How is that good?
These idiots don’t …
These idiots don’t have a clue!