hr 3915: Mortgage Reform Anti-Predatory Lending - more federal legislation coming - 08/21/08 06:27 AM
New legislation is coming through the House Financial Services Committee as additional response to the housing crisis and to the increase in foreclosures. The bill targets mortgage brokers and yield spread premiums.
The Mortgage Reform and Anti-Predatory Lending Act of 2007, HR3915, attempts to put into law prohibitions against doing a loan that is not in the borrower's best interest, requirements for minimum loan repayments, restrictions on refinancing that require a tangible net benefit.
It also establishes a distinction between mortgage brokers and depository institutions. Additional licensing requirements are put forward for mortgage brokers and broker compensation from lenders (yield spread premiums) … (6 comments)

 
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Richard Smith FHA VA Rural Development in TN GA

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