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Topic: New rules cut link between
mortgage terms, brokers’ fees |
New rules cut link between
mortgage terms, brokers’ fees
Washington Post, by Danielle Douglas
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Original Article
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Posted By:grandpa, 1/19/2013 2:58:09 PM
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| In the years before the financial crisis, mortgage originators were rewarded with bonuses and higher pay for steering millions of Americans into risky and unsustainable home loans. Starting next January, however, brokers’ and loan officers’ compensation will no longer be based on the terms of the mortgages they originate, according to new guidelines released Friday by the Consumer Financial Protection Bureau. The rules are the latest effort by the consumer watchdog to improve the way homeowners interact with the mortgage industry at every step of the lending process.
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Comments:
A good thing the Obama administration is doing; pulling the teeth of the predatory Wall Street Swindlers whose unrestrained greed busted the housing market and then made the little guys they had hurt the most, pay to bail them out. Come on now libertarians, tell us how well the "free markets" work- for the zillionaires.
Please DO NOT alter headline. LCom Staff.
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Reply 1 - Posted by:
Blue-Z-Anna, 1/19/2013 3:18:39 PM (No. 9126811)
Nothing "Free Market" about the sub-prime crimes.
It was a ´fix´ going in and coming out.
Crony Socialism and social engineering at every turn.
In a free market the bankers would not have been forced to make bad loans and then prosecuted for ´predatory lending´.
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Reply 2 - Posted by:
curious1, 1/19/2013 3:33:40 PM (No. 9126834)
Plus, how many of the ´little guys´ had a gun held to their head to accept the mortgage terms? Just another example of libtards making stupid decisions and wanting someone else to bail them out from their mistake.
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Reply 3 - Posted by:
civilservant, 1/19/2013 4:02:34 PM (No. 9126860)
Originating a certain number if the really subprime c rap was required to get ACORN to sign off on bank recert, new product sales, expansion of branches......
No, Grandpa. It was the Goobermint cum social engineer who done this. No free market about it.
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Reply 4 - Posted by:
Salt5792, 1/19/2013 5:25:56 PM (No. 9126973)
Nothing the CFPB puts out is official because it is illegally constituted. The Director was appointed without Senate consent while that body was in session.
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Reply 5 - Posted by:
KTWO, 1/19/2013 5:27:44 PM (No. 9126975)
Tricky. Washington is telling companies that employees must not be rewarded for making the most profitable deals.
Granted the perceived profit may prove an illusion. But if the originator promptly sells the mortgage elsewhere w/o strings then it is off the hook and the profit is real.
Risk is in holding a mortgage, not in selling it to another.
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Reply 6 - Posted by:
lakerman1, 1/19/2013 7:10:06 PM (No. 9127099)
We just closed on a new VA mortgage, through Quicken. Those folks know their stuff, and took care of things quickly, as their name would indicate, and we cut our interest rate in half.
There were some silly procedures, however, apparently mandated by washington, and it was a bit irritating, but it was not Quicken´s fault.
Now, with a rash of new regulations, it may be exceedingly painful to get a mortgage.
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Reply 7 - Posted by:
ColonialAmerican1623, 1/19/2013 9:39:45 PM (No. 9127262)
When I bought my last house ten years ago, it was no holes barred. I was offered every strange loan in existence. Sorry part of the blame and fines didn´t include everybody on the take.
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Reply 8 - Posted by:
Trigger2, 1/20/2013 12:46:40 AM (No. 9127405)
Sorry poster, but it was Congress (demonrats) and community organizers who allowed predatory loans.
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