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14 Comments on A Political Statement That Applies To Us All
Eric-no kidding. I for one would like to see a law passed that no lawyers can be politicians...that probably wouldn't go over so well!
Missy-I admit that this bill scares the crap out of me. It's not enough to have a challenging market-now the fools want to kill it completely. What I need to do is write a post about Atlas Shrugged...
Leigh:
Thanks for getting the word out. As you know, mortgage brokers are notorious for doing NOTHING when legislation is proposed against them. Then they wake up after it goes through and wonder what happened.
Mortgage Brokers and Realtors, Title Companies, Appraisers and Lenders Let's Unite and kill this bill. The politicians are having a knee jerk reaction amid the mortgage implosion. They think pushing this bill will garner them votes. If this thing goes through, the market may never recover.
Write your representatives. This is no hype.
Hi Leigh,
Thanks for the info, and you're right it's not about being partisan.
Okay, it is done! I am not good at wording letters to politicians but I think Mr Robin will get the point!
For years the banks have tried to get into real estate brokerage at a nation level avoiding the state laws and have not been able to get that bill passed. Now they are trying to eliminate mortgage brokerage. On one hand they say that the increase in competition is good and on the other they are trying to restrict competition. It's all about the banks making more money.
It appears that this has passed one hurdle. Let's hope that this dies soon.
One thing I noticed was that the portion that eliminates YSP is limited to loans that are not "prime" loans. This I assume would be directed towards the subprime and Alt A markets. If that is the case, while I would hate to see YSP be eliminated there, brokers that have to close those loans will still be competitive since banks won't get into that market. Just will be higher front end fees.
Will be interesting to see how this pans out.