HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Jennifer — Tue, 15 Apr 2008 11:00:00 GMT

As a former MLO I am disgusted by this bill. Like most loan officers I educated my borrowers and fully disclosed my borrowers because a happy borrower will refer people, tell their realtor, and my business will increase...duh! It is the keep up with the Jone's consumer who couldn't afford the big house but just had to have it and now are in default on their loan that gave the entire industry a bad rap. The mortgage industry is not to blame. I don't recall a borrower ever having a gun to their head at the closing table. I don't recall a borrower ever being coerced to sign closing doc's. But because it is easier for Washington to blame big bad business rather than whiney and unwilling to take responsibility consumers we are the ones that get to bear the brundt. I can't wait until one of these congressional schmucks tries to get a mortgage...please whomever the MLO is...stick it to them!

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Steve — Sat, 22 Dec 2007 13:00:00 GMT

As a self employed borrower, I will never qualify for a mortgage again, despite 20 years of never missing a payment and a stellar credit score. This bill will rip us all out of the market, and the drop in demand will cause a real estate depression. No one is EVEN DISCUSSING whether requiring full income documentation is even a good idea when it is a time bomb ready to launch a real estate depression. Self-emplyed are not unsophisticated borrowers, the market should decide how risky we are.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Linda — Fri, 14 Dec 2007 13:00:00 GMT

Brokers? Thousands of Dollars for? I did NOT pay to have $2,000 Inflated Income on the TRUTH IN LENDING>FEDERAL

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Burtman — Thu, 13 Dec 2007 13:00:00 GMT

For the biggest investment of your life, buying a home.......most never take the time to really educate themselves. But the fact is that there are alot of crooks out there. They will find a way to get their yield one way or another. Just give them time to think...and wait for the next crash! People want things and are willing to try to go for it...good intentions don't always workout. It can happen to any of us no matter how much money you may have disaster is always just around the corner.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Dan — Tue, 11 Dec 2007 13:00:00 GMT

Here's the deal. The real estate industry has already found all the suckers to take these sub-prime loans so what difference will this bill really make? Did HR3915 have anything to do with the sub-prime collapse? No! The bottom line is that these people could not afford a house/condo in the first place, for that matter most of them wouldn't even qualify to purchase a new car. Bush quote: "Thanks to our policies, home ownership in America is at an all-time high." Yippie! Now what?

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Dean — Tue, 04 Dec 2007 13:00:00 GMT

What people are really missing is the fact that many people do not have any savings to put down on a home. As brokers we can make YSP to make up for it. Without being able to make YSP we are forced to put our fees on the front which will cause many people to not be able to purchase a home. Brokers can't work for free, we have bills too. Limiting the amount of YSP we can make is one thing, but to eliminate it is going to severly impact the mortgage and housing market.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Anonymous — Fri, 16 Nov 2007 13:00:00 GMT

YOU ARE ALL MISSING IT! All borrowers MUST qualify by FULLY documenting their income, self employed or not. What will that do to the price of homes in your area? The few that do now qualify won't after the price drops this bill will CAUSE! See above title II summary.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Kim — Thu, 15 Nov 2007 13:00:00 GMT

I'm sorry but why is all the blame being directed at the mortgage brokers? Why is it that no one dares say that the homeowners may have a responsibility in this as well? I have been a broker for 10 years and have never had a client that didnt know exactly what they were getting into. I have actually tried to talk people out of the more expensive homes or even buying at all due to income but everyone wanted to jump on the bandwagon and make a quick buck.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

daniel — Thu, 15 Nov 2007 13:00:00 GMT

I am confused with this whole deal. It starts from the top, the demand for higher yielding investments led to the creators of subprime lending. In return these "lenders" pushed the products on brokers and showed them the "pot of gold at the end of the rainbow". Yes, there were many UN-ethical mtg brkr's out there, but by all standards....even the most moral had no intentions of placing the borrower in harms way. Make us all get our financial advisor's license first then the brkr lic!!!

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

NYLO — Wed, 14 Nov 2007 13:00:00 GMT

Simply put, the ysp and/or points have absolutely nothing to do with whats going on in the real estate market. Maybe in the case of option arms, but besides that the payment is the payment. The yield spread generated had no bearing on this foreclosure mess. It was simply greed by all parties involved. I strongly believe that LO's should be screened and tested to be licensed, but to remove ysp will probably put close to 1 million people out of work. (400k broker employees, title comapnies,etc..)

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Responsible R.E. Industry — Mon, 12 Nov 2007 13:00:00 GMT

Posted By: HR 3915 Mortgage Reform Resources? the above comment. It is obvious that the only people who feel that HR-3915 is good are Realtors. It is time Realtors, who charge 6-9%, realizing they are no longer needed,as with news papers,the internet has made them obsolete...pressuring appraisers ? Appraisers can only value recent sales.Realtor's own adds say they sell16% higher than owners. Legislation? Closing costs- 5.99% total foreverone involved-exception Realtor's.Biggest lobby?Realtors

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Marley from Jersey — Mon, 12 Nov 2007 13:00:00 GMT

YSP may be revised out before it get's to White House. Know your Bill if Rights and how the voting works. To all those who are mad its quite frankly that you are the ones who have been affected I don't hear any complaints from the knowledgable and honest people in control of their mtg. Face it all in favor of HR 3915 are looking for Miss America to bail them out but guess what? Go to trail with the predatory lender's cuz thats the only thing HR 3915 is going to give you the right to do. Pray!

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Kate — Mon, 12 Nov 2007 13:00:00 GMT

As a former loan originator I agree that overhaul is necessary in the mtg industry especially as we have so many orig that do the industry harm. I belive in suitability and disclosure standards as I have always practiced this belief. My clients ALWAYS knew upfront the difference in a no cost or lower point loan would be, it meant I would earn a YSP...they knew this cause I believe in responsible lending and educating the borr. HR 3915 is the extrme because this ind. cannot self regulate.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

Brian — Sat, 10 Nov 2007 13:00:00 GMT

I understand that yield spread premium does have benefits, however it has been abused. If I qualify for a 6% rate, I should get a 6% rate, not 6.5% just so the originator can get paid. That extra half point just cost me several dollars on my monthly mortgage payment and thousands in interest. (depending on loan amt). The entire process needs overhauled, please lets get the mortgage broker out of the industry.

RE:HR 3915 Addresses Many Aspects of Predatory and Other Mortgage Lending

jean — Fri, 09 Nov 2007 13:00:00 GMT

HR3915 is coming whether folks like it or not. It's a done deal. When people don't regulate their own behavior, then it is usually done for them. Why would the mortgage industry be exempt from this?? Hopefully this will flush down the greedy, self-serving people from our industry and allow them to return to their retail careers in time for the big holiday rush!