http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_HR_3915.html#40633 Under regulation caused the problem. The gambling set and the sharking crowd need to have set expectations or they mislead borrowers, give inflated appraisals at sale, steer people toward bad loans instead of loans which they are qualified to obtain.... 40633@http://www.washingtonwatch.com Wed, 20 Aug 2008 21:04:37 EDT http://www.washingtonwatch.com/bills/show/110_HR_3915.html#38946 The only thing I like about the bill is its having addressed the gray area surrounding a renter who had the misfortune of occupying a residence that was subsequently foreclosed upon. In that case it preserves the role of real estate as a means of shelter, and preserves the bona fide renter's right to quiet enjoyment. That is the only equitable item I see in the bill. The rest appear to be obstacles, and/or a foul attempt at "reinventing" a square wheel. Addressing the real problem requires, in a nutshell, incentives for spending, as spending, or monetary circulation, and a robust economy go hand-in hand. A recession's bugle is the tightening of belts -- for politicians in panic, the blame and punishment put to the people is overregulation.... 38946@http://www.washingtonwatch.com Sat, 12 Jul 2008 15:09:09 EDT http://www.washingtonwatch.com/bills/show/110_HR_3915.html#35720 Interesting to hear the viewpoint from an appraiser on this issue. I hope this legislation gets passed so there will not be future problems caused by the conditions loose regulations propelled without proper regulations in place.... 35720@http://www.washingtonwatch.com Mon, 26 May 2008 22:24:34 EDT http://www.washingtonwatch.com/bills/show/110_HR_3915.html#35682 As an appraiser once subjected to tremendous pressure and abuse to bend to the will of loan originators and to the extent the bill reaches to curb that, it cannot be passed fast enough. I say once because I will not accept mortgage broker or appraisal management company assignments any longer. Neither in general respects the appraisers or the appraisal process.... 35682@http://www.washingtonwatch.com Mon, 26 May 2008 09:10:24 EDT http://www.washingtonwatch.com/bills/show/110_HR_3915.html#25325 As a self-employed borrower (no relation to mortgage industry) I have used stated income loans for 20 years without missing a payment. Obviously these weren't a problem since lenders kept offering them. The abuse is that they were recently offered to subprime, non self-employed, and no down payment. This bill is devasting to the self-employed! And there are a lot of us, so it'll have real effects on the whole real market.... 25325@http://www.washingtonwatch.com Mon, 24 Dec 2007 15:23:01 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#24750 This legislation should curb some of the abusive loans. It is coming after all of the troubles already have happened already and may not do any good. Any legislation which helps to prevent people from being steered to higher cost loans is good. The industry has already demonstrated that without regulation the consumer is not fully represented in the deal making.... 24750@http://www.washingtonwatch.com Mon, 17 Dec 2007 06:01:01 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#24732 Further comments is that we need to seriously look at how banks charge so much money for a home loan. Banks do not disclose anything and can hide any YSP by naming it something else. Loans are designed by the lawyers hired by both banks and wall street. They had a major role in this housing collapse and somehow originators and mortgage brokers become the escape goats. Let us be honest as to what the real cause it. It is the hugh profits generated by amortization loan system designed by the banking system and sanctioned by our legislators.... 24732@http://www.washingtonwatch.com Sun, 16 Dec 2007 19:43:54 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#24703 H.R. 3915 Bill many flaws. Blaming originators and mortgage brokers does not solve the problem with the housing crunch. Why do people have a hard time making their house payments? The banking system came up with the idea of amortizing house loans. When you borrow $300,000 you have to pay back nearly $600,000 back on top of the $300,000 that you borrowed. That is reckless profiteering of banks and bankers. The local tax entities jacks up property taxes and the insurance carrier makes a profit. At the same time Corporation scale down (fire people that need to pay their mortgages) and outsource the production of their goods to other countries. We need to evaluate what constitutes a house payment and the method for bankers and banks charge. They need to disclose what kind of profits they make on people wouldn't you agree.... 24703@http://www.washingtonwatch.com Sun, 16 Dec 2007 10:36:44 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#24030 The bottom line is that lenders are not doing a thing to help people out, they are getting greedy and they want it all for themselves. The only problem is most won't qualify for loans through regular banks because of their strict guidelines which will decrease the amount of overall lending power available throughout the entire country. Doing so will cause the obvious affect...a real estate market crash!!!... 24030@http://www.washingtonwatch.com Sat, 01 Dec 2007 02:26:19 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23300 This is a shout out to all the mortgage brokers that have contributed to this string....GOOD JOB!! First, the response to congress did save the YSP...which is good for the consumer. Secondly, I'd not seen this site before, there has been excellent analysis and commentary in this string. Shows that there are people in our business that are smart, concerned and dedicated. Most of the 'sleeze bags' that WERE....and a few are still in our business, couldn't even read this yet alone contribute to it. We will survive! Keep up the fight, the Bill isn't law yet, we can still make important changes. Call, write, fax, email your congressment. Stay involved in NAMB PACs..... Semper Fi... 23300@http://www.washingtonwatch.com Sat, 17 Nov 2007 08:52:59 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23228 This is a terrible bill that would give banks complete control of the mortgage industry. There is value in using Mortgage Brokers. Currently, consumers win by having mortgage brokers because, by vitue of competition, brokers offer the lowest rates possible. Without this, banks could and would offer increased interest rates and, by the way, banks do not have to disclose yield spread premiums which brokers do. My state already requires licensing and registration of all mortgage brokers. If this bill passes, banks win and consumers lose.... 23228@http://www.washingtonwatch.com Thu, 15 Nov 2007 13:38:43 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23227 The only thing that is apparent to me through this whole mess of a proposal is that our elected officials don't have a clue as to how this industry works. Insurance agents receive remittance on policy payments, stockbrokers get paid commission on trades, financial planners get paid commissions based on the class of the funds, etc... I originate 95% of my business through conforming loans and government loans. I do not do much sub-prime. Never have in the 15+ yrs in the biz. However, legislating our business any more than it already is will not solve a thing. Many of the states have already pre-empted the federal laws with tougher standards. Writing new federal standards, especially ones that make absolutely no sense at all when taking as a whole (there are parts I agree with), is certainly not the answer. Wake up congress! Do the right thing for a change. Let the market, the industry, and the states handle this one.... 23227@http://www.washingtonwatch.com Thu, 15 Nov 2007 13:24:52 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23197 RTR, if you standardized a fee paid for loan amount then I guess you would have a single rate set for the market. Where is the free enterprise and competition to come from then? Rates would be set for the big banks to make the money then. Jim, obviously as you are aware these types of things are cyclical in nature. As the market continues to tighten up and foreclosures eventually drop then you will see banks open up to more risk to keep feeding the cash cow of the housing industry. Somewhere in the middle is the right mix, but as the pendelum swings we always go to far in both directions.... 23197@http://www.washingtonwatch.com Wed, 14 Nov 2007 14:21:51 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23179 After reading the summary for this legislation regarding licensing, adding FBI agents and the amount of money this bill will cause taxpayer, more government red tape, I concur that the legislation will not help matter regarding predatory lending. EJ - I hope the industry is in realization that these types of loans should not happen again. Such loans do clog our current legal system with the cost of foreclosures, distressing or ultimately causing financial destabilization of those that are caught by these previous loans. If YSP is causing bad loans to be pushed instead of feasible loans which would be available for the borrower, YSP should be eliminated. I do not think YSP influenced brokers to push bad loans to a great degree.... 23179@http://www.washingtonwatch.com Tue, 13 Nov 2007 20:01:55 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23177 THE WAY I READ IT IS YOU CANNOT CHARGE YIELD SPREAD BASED ON LOAN TERM. COULD THE BANK STILL OFFER A LENDER PAID BROKER FEE BASED ON THE LOAN SIZE AND NOT ON THE TERM?... 23177@http://www.washingtonwatch.com Tue, 13 Nov 2007 19:52:46 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23161 This whole issue of steering to has already been cured by the markets. Most of these products no longer exist! Let the market fix what is wrong with the market. The use of YSP to lower closing costs has enabled me to help many folks get into homes. Eliminating all forms of YSP would be wrong.... 23161@http://www.washingtonwatch.com Tue, 13 Nov 2007 14:10:26 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23108 Nobody just decides to not pay for their house. Some of the loans customers were steered to have terms which are not sustainable once the introductory period expires. The other elements related to job loss, divorce, family medical expenses are better addressed by HR 3609. The other issues include me. The bad loans only add to the problem and disadvantage people in declining income or increased expenses situations. Also, I agree with the previous comment which refers to bankers still able to get point spreads while brokers are unable to. These portions of the legislation should apply to bankers as well as brokers regarding incentives to steer customers to worse term loans based upon YSP.... 23108@http://www.washingtonwatch.com Tue, 13 Nov 2007 06:05:03 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23103 The borrower that decides not to pay his house payment for whatever reason,divorce,loss of job,sickness in family,etc... and then his home goes into foreclosure, why is this the brokers fault? Everyone wants to blame someone for their mistakes. I think it's human nature to do so. Doesn't make it right. The broker that takes full advantage of someone to make a big pay isn't right either, but not all brokers are like this just like not all home owners allow themselves to get in a fix where they lose their homes.... 23103@http://www.washingtonwatch.com Tue, 13 Nov 2007 02:21:19 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23102 When the option arms, stated programs, reduced doc, NINA,etc..programs came out, I think they were good for what they were. Instead of people relying only on a bank for what few programs they offer, they have been opened up to a whole other world of possibilities. Like every thing else in life you have a few bad apples. There are some bad brokers that are out there. Brokers unlike banks do have more to choose from for their borrowers. Has anyone looked at the over all mortgages that have been done that have been very successful? No, in this economy like so many others the Media gets on it and Bam we have to find a scapegoat. NO one ever says anything about the brokers who got them out of financial straights, or the broker that got them in a home with a house payment less than what they were paying rent for. It is every one’s dream to own their own home. Mortgage brokers can and have made this a reality for so many people that other wise would not have had a chance.... 23102@http://www.washingtonwatch.com Tue, 13 Nov 2007 02:08:26 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23097 This bill only complicates the issue. It ultimately will deprive minorities/poor credit borrowers from the same loans wealthy/well off borrowers will have access to. Let the market adjust as it is. Investors have learned their lesson. More reasons NOT to lend will just prolong the agony... 23097@http://www.washingtonwatch.com Mon, 12 Nov 2007 23:41:00 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23093 If all of you are truly worried about this bill passing then I would suggest you start helping me by calling your congressmen and voicing your disapproval of this bill. The number to call is: 202-224-3121 This will put you through to a dispatcher who will ask you which representative you are calling for. She will then put you in touch with the senator of your choice. Let's face it, crying on this board isn't going to stop this bill from being passed but I can assure you that calling your senator 4 dozen times a day, expressing your disapproval of this bill stands a much better chance.... 23093@http://www.washingtonwatch.com Mon, 12 Nov 2007 21:57:50 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23066 The banks win if this ill conceived legislation is passed. They already get special treatment with regards to yield spread premium. They do not have to disclose it while brokers do. Now with this legislation, only they will be able to earn ysp. A clear and distinct business advantage over brokers. Yield spread premium is nothing more than selling a bond at a premium. Investment banks and individual investors to that all of the time. It would be descriminatory if only brokers were not able to sell debt instruments at a premium. Will the government also criminalize sell debt at at a loss too? (The use of discount points to lower the mortgage rate). Nature always wins. It's unnatural to disallow the sale of debt instruments at a gain or loss. This legislation is more harm than good.... 23066@http://www.washingtonwatch.com Mon, 12 Nov 2007 08:43:32 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#23033 The consumer wins. The practice of steering to a less beneficial loan to the consumer will have less incentives to do since no monetary benefit is given to the broker for getting the bank a higher return. We have a broker that closed down locally and abandoned all the records for clients, so something is up with the industry.... 23033@http://www.washingtonwatch.com Sat, 10 Nov 2007 16:13:23 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#22984 Funny Stuff here. How about this noval concept. 1. There is NO truth in the Truth-In-Lending disclosure. It is easily manipulate. 2. A cousumer ONLY needs two questions answered to compare every mortgage offer in the country. What are the closing cost and What is the Interest rate.Politicians won't agree but my guess is consumer's could figure out which was the best offer. They are not as stupid as our leaders would have us believe. The GFE should be reduced to a one liner relating to closing cost. The TIL (APR) could be eliminated. Brad Miller (sponsor of the bill)wouldn't sponsor such a bill unless he is being paid by some special interest group. Have you thought about who that group is ? Who wins if the bill passes ?... 22984@http://www.washingtonwatch.com Fri, 09 Nov 2007 09:23:39 EST http://www.washingtonwatch.com/bills/show/110_HR_3915.html#22959 Trace, If I'm reading correctly the elimination only refers to non-prime loans, is that correct? Does that mean we can still make ysp on Fannie, Freddie, and Govt loans?... 22959@http://www.washingtonwatch.com Thu, 08 Nov 2007 13:25:24 EST