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hr 1728: House passes HR 1728 - Updated 5/9/09 - 05/07/09 04:56 PM
The House of Representatives passed HR 1728 this afternoon. The mood of the legislators is to provide protections for consumers and to prevent abuses in lending practices and in loan programs. It is difficult to argue against preventing abuses.
The final version of the bill is not available, as far as I can find. There was a published report from the Floriday Association of Mortgage Brokers that an amendment was introduced that would in effect ban yield spread premiums completely.
I have not been able to find the actual amendment language that this notice refers to, but I think it is fairly … (3 comments)
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hr 1728: I falsely charged NAMB representative Denise Leonard - 04/27/09 08:14 PM
In a post from April 24, I falsely attributed to Denise Leonard, Vice President, Government Affairs, National Association of Mortgage Brokers, comments that were apparently made by a representative from the Federal Reserve.
I regret the mistake. I will send NAMB and Ms Leonard a written apology.
I also apologize to the Active Rain and other blogging communities. Those of us who have a blog, have a responsibility, to the public and to ourselves, to verify our information and sources.
I did not perform this responsibility with this post.
When Ms Leonard's actual testimony becomes available as a transcript, I will … (7 comments)
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hr 1728: HR 1728 Mortgage Reform 2009 - Anti-Predatory Lending - 04/27/09 05:01 PM
HR 1728 will be considered tomorrow before the House Financial Services committee. It needs to be known by all that mortgage reform in some form is coming this year.
Some of the main points of HR 1728 include a Federal Duty of Care that included licensing, providing "appropriate mortgage loans", and tagging each loan with an originator ID. That is pretty interesting.
Yield spread premiums are specically labelled steering incentives, The scary thing about this label is that it reveals to me a lack of understanding about the bond market on the part of those who are making this legistation.
The language is … (27 comments)
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hr 1728: NAMB must do better representing brokers before Congress - 04/24/09 07:23 AM
In this post, which started as Members Only but was posted public as comments grew, I falsely attributed to NAMB Government Affairs Committee Chariman, Denise Leonard, with calling yield spread premium a kickback and not being able to answer whether capitalism is the same as "survival of the fittest.
These comments were apparently made by the representative of Federal Reserve. Looking over the list of witnesses at the hearing, the Federal Reserve representative was Ms. Sandra Braunstein, Director of the Division of Consumer and Community Affairs.
Mark Green, of http://www.topofmind.com/, has researched and discovered my error. I apologize to NAMB, the AR community, … (58 comments)
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Richard Smith FHA VA Rural Development in TN GA
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