Support House Anti-predatory Lending Bill

NCRC CEO John Taylor says a few words about Rep. Barney Franks House Bill 3915, an anti-predatory lending bill and why it is so important. Please go to ncrc.org to write your Representative a letter in support of a strong bill that will prevent the kind of abuses that lead to the current foreclosure tsunami.

Category:

News & Politics

Tags:

• ncrc
• antipredatorylending
• barneyfrank
• hr3915
• johntaylor
• subprime
• mortgage

[LeftLiberalSoCal]

I would like to read the bill. Please provide a link so I can read it. Thanks.

[PhilinOR]

What you don't understand is that if YSP is eliminated ONLY for Brokers then Banks who will regulate the banks? Statistically mtg loans through brokers are cheaper for the borrower.

A level playing field is what makes sense for the borrower to have more options.

[yurpicts]

This bill is horrible. It create an unfair advantage to banks and removes competition from the lending process. Predatory lending is all but squashed by the free market currently. All of the lenders using questionable business practices are out of business.

[webstertm36]

This guy is totally cracked out if he thinks that this bill is anything other than republican support of BIG BUSINESS. For those of you that do not know this the existence of the mortgage broker is what keeps the banks competitive with each other. This bill is financial death on paper. The housing industry is already on its ears this will create a total depression. We regulate this but turn our backs on climbing oil prices priorities have to change

[floatingdock]

Homey... If you all had been disclosing the real facts all along we would not be in this mess.

[homeyb]

The real problem with this bill is that it is leaving out two of the groups that are most at fault in creating our present situation:

1 - Large banks that created the loans and programs so that they could sell anything on Wall Street.

2 - the consumer - mortgage brokers are required to disclose all facets of a loan to the client, and the client even has a non-biased third party (escrow) that can help them to understand aspects that they may not.

[floatingdock]

If you are doing nothing wrong than you should have no problem with being held to a high standard.

If Brokers are upset that Wall Street is getting off scott free here than why aren't they organizing to strengthen the Assigneed Liability provision in the Bill??

[durango4u]

Here we go again! Goverment steps in and and the the average consumer suffers! This bill is geared for BIG BANKS. Those guys in Washington have no clue! Brokers are not the cause of the mortgage mess. Wall street and overseas investers wanting huge returns are the culprits here. HR3915 simply will creat monopoly for big business. Nothing new about that!

[bodyplan]

I am a mortgage broker and I ABSOLUTELY GUARANTEE that the lack of understanding that has created this Bill is a horrible tragedy for consumers. The last group that actually discloses (by Law) EVERY detail of a mortgage transaction is brokers. This will allow the banks to HIDE every detail of what the cost to the consumer (with regard to the rate) REALLY IS.

Sometimes it's best to ABSTAIN when you don't know what you are talking about.

[anthonytinNYC]

HR3915 is not as much an anti predatory lending bill but an anti mortgage broker bill.

Consumers wishing to obtain financing through mortgage brokers will no longer have the option of a zero (0) point loan as yield spread premium will be illegal.

I fail to understand how passing a bill which will eliminate the comptetiveness of mortgage brokers, thus allowing large retail lenders to continue to profit through SRP is in the best interest of the consumer.