Mortgage Grapevine

Political: Politicians at it again .... Ammendment to Financial reform bill

Hmmmm ......


Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar to the Wall Street reform bill passed the Senate by a vote of 63-36. The amendment will protect homeowners by prohibiting mortgage lenders and loan originators from receiving hidden payments when they steer homeowners into high-cost loans and will create strong underwriting standards to ensure borrowers have the ability to repay their loans. ............

.... Senators Merkley and Klobuchar’s amendment will ban mortgage lenders and loan originators from accepting payments based on the interest rate or other terms of the loans. In addition, it will require lenders to document income and other underwriting standards to ensure that borrowers’ can repay their loans. This will end the damaging and deceptive practice of “no doc” and “liar loans.”




by PA Lender May 12, 2010 4:01 PM

These d-bag from Oregon gets big bucks from the banks and was trying to get YSP banned.

All the crap amendments going into this bill is going to mean less and less chance it gets passed.

What amendment number is it???
by ssfranny1 May 12, 2010 4:05 PM

Sorry not aware of the number but here is a link to one of the articles already posted

http://www.loansafe.org/senate-passes-merkley-klobuchar-amendment-to-protect-homeowners-from-deceptive-mortgage-practices#respond





by PA Lender May 12, 2010 4:16 PM

Does this mean we can't do "no doc" loans anymore?
by Goofy May 12, 2010 4:20 PM

Well it looks like they are banning payments based on the "interest rate" so bankers will not make YSP as well and I would be interested in seeing whether the SRP is affected too.


Nice to see a couple of traitor Repubs Brown and Snowe co-sponsor the bill with idiot libs like Levin and Schumer.
by ssfranny1 May 12, 2010 4:36 PM

if this POS Dodd bill passes you will see most of the people in the mortgage industry get out.
by ssfranny1 May 12, 2010 4:37 PM

Good.

by vine stone thrower May 12, 2010 6:02 PM

I guess it never dawned on them that the difference between wholesale and retail is called 'profit'?

So what happens if FHA drops to 3% seller concessions and there's no spread?

Someone tell me why anyone would ever want to write a loan to anyone ever again?

Each and every one of those politicians who even remotely support ANY of these thinly disguised socialist takeovers of American commerce needs to get kicked out on their fat asses...and that goes for Democrat, Republican, ANYONE.
by TheGoblinKing May 12, 2010 7:41 PM

Amen Goblin!!!! We all need to make sure Merkley never gets re-elected I will call non stop for his GOP opponent when hes up for re-election.


Figures the liberal bankrupt states like Oregon who has Nike and others pulling out of state because of taxes would push for this socialist crap!
by ssfranny1 May 12, 2010 8:52 PM

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