senate ysp: Senate Votes To Ban Mortgage YSP and Stated Income Loans
- 05/13/10 02:44 AM
The Senate just voted to ban mortgage broker YSP (yield spread premiums) and stated income loans. Once again, we have another case of politicians activating their knee jerk reactions in areas where they lack expertise. The argument about broker YSP is not a new one. It has been proven over and over that due to competition, the consumer does not over-pay for their cost of the loan unless they do not shop around. They can still get a lower rate with lower fees utilizing a broker than if they went to some banks directly. I can prove that in 10 minutes. … (6 comments)
The Senate just voted to ban mortgage broker YSP (yield spread premiums) and stated income loans.
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