NAMB Urging Members to Fight YSP Language
Saying that mortgage brokers are facing “extinction,” the National Association of Mortgage Brokers is urging its members to learn about pending legislation that would “outlaw” yield spread premiums and then call their members of Congress to complain.
“This is just an example of the major banks being afraid of the strength 450,000 mortgage professionals, they are trying to take back the industry and in do so, they will make the business less competitive and mortgage rates will increase AND so will their bottom line. Everybody with a pulse can see their underhanded motives.
Unfortunately, that would make the outcome bleak for both new and existing homeowners. This market contraction will limit homeowner choices and raise interest rates and fees. This will create a banking monopoly again.
My question is, where has National Association of Mortgage Brokers been? They have hiding under their political rock taking everything the banks threw at them.
The time to stand up it LONG over due!”, Scott Pasinski.
The trade group has had two conference calls to inform its members about Rep. Barney Frank’s Mortgage Reform and Anti Predatory Lending Act of 2007. A Democrat from Massachusetts, Rep. Frank is chairman of the House Financial Services Committee.
Mortgage professionals feel the good part of the bill is it would require all brokers to have a minimum net worth or a bond requirement of $100,000.
NAMB government affairs chair Denise Leonard sent an e-mail message to members saying that if the bill passes, “all subprime mortgages will cease to exist.” and millions of existing homeowners will face foreclosure!
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Tags: Interest Rates, Mortgage Interest Rate Projections, Mortgage News, National Association of Mortgage Brokers (NAMB)
