Coming Mortgage Banking legislation?

Mortgage Legislation: Regulators, Lenders, Activists to Testify on Protections for Home Loan Borrowers

I'm skeptical of business regulation, but I think that some of the ideas presented here have merit (I've commented on them before!)


A bill introduced Monday by the committee's chairman, Rep. Barney Frank, D-Mass., and other Democrats would make sweeping changes to the industry. Mortgage industry officials are critical of the plan, arguing it would raise costs and reduce options for borrowers.

It would bar incentive payments given to mortgage bankers or brokers for signing up borrowers for overly expensive loans, make Wall Street banks that package mortgage securities into investments liable for violations of lending laws, mandate licensing for mortgage brokers and bank loan officers and limit penalty charges for borrowers who make their payments early.

I aupport the requirement that mortgage brokers and loan officers be licensed!

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