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regulations: New Obama regulation to limit agent commissions to 1.2% total - 02/09/10 12:47 PM
Washington DC (APL) February 9, 2010 - for immediate release.
The Senate agreed today to send SB 60-1A to President Obama for his signature to be signed into law. As part of the National Initiative for Market Recovery Over the Decade (NIMROD) the president leveled his sites on real estate commissions which advisers say, "artificially inflate the sales price of homes as much as 6%" and the administration believes that has contributed highly to the number of properties which are "upside down". The president is expected to sign the bill into law as early as Wednesday. In essence it places the … (115 comments)

regulations: Walking the Violation Tightrope - Ethics Gone Missing - 06/18/08 02:12 PM
I have a rule of thumb: avoid any process that involves a loop hole in regulatory matters.
There are three things happening today in the wide open that I predict will be completely eliminated with or without federal prosecution of violators in the near public. In the mean time just because everyone else is doing it doesn't tempt me in the slightest. Surely some who read this will be either supplier or consumer of these services and I have no intention of personally offending you if you do. I do, however, call these practices into question and lobby for their cessation. … (3 comments)

regulations: Name Every Industry Required To Disclose Their Profit Directly to the Buyer - 06/16/08 01:57 PM
Challenge: let's list every industry whose participants are required to fully disclose all of their profits PRIOR TO or AT the time of the sale directly to the client ...
1. Mortgage Brokers
2.
Well, I just can't seem to think of any others. Here is a list to choose from - see which of these can be added to the list above:
1. Dentists
2. Doctors
3. Lawyers
4. Auto Dealers
5. Airlines
6. Movie Theatres
7. Banks
8. Home Builders
9. Clothing Retailers
10. Restaurants
11. Phone Companies
12. Computer Retailers
13. Sears, Macy's, Belks, etc.
I really … (7 comments)

regulations: YSP All Over The Place ... Revisited ... Again ... Once More ... - 04/02/08 09:11 AM
Look, everyone is missing two very important points about YSP. By everyone I mean even NAMB is misstating. Forget YSP. Look at the RATE. I just priced a brokered loan from a wholesale only lender and included 1.5% YSP (which does NOT raise the rate the borrower QUALIFIES FOR). Where anyone gets the notion that a borrower has EVER qualified for the WHOLESALE rate is completely beyond me. But I digress. With 1.5% YSP and a little more than 1% origination and all the other fees included on a $250,000 loan I compared it with advertised rates from Bank of America, … (6 comments)

regulations: Feds Kill Liar Loans And More - 12/18/07 11:45 AM
Okay. Here it is. If you are self-employed and mingle your funds you probably have 90 days left to get a loan. If you are retired and have no income but plenty of assets you, too, may be out of the running. We're talking across the board--investors included--on all loans.
restricting lenders from penalizing certain subprime borrowers -- those with tarnished credit or low incomes -- who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.forcing lenders to make sure that subprime … (7 comments)

regulations: Death Watch for Mortgage Brokers? You Better Read This Even if You Don't Care - 10/31/07 06:54 PM
H.R. 3915 the "Mortgage Reform and Anti-Predatory Lending Act of 2007"
The one thing that helps keep predatory lending to a minimum is the massive presence of mortgage brokers who act as buffers to keep rates and closing costs from rising. Even BARNY FRANK's own study for the Government Accountability Office recently handed to the nation backs up this finding by indicating the top level lenders and aggressive investors hold the most responsibility in the market implosion. http://www.gao.gov/htext/d0878r.html
"American home buyers and owners are about to be dealt a severe blow if you do not act.  The U.S. House of Representatives … (77 comments)

 
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Ken "Yes You Can" Cook

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