Just found an excellent banking law blog by Texas Tech Law Professor, Ann Graham. One of her more recent posts informs bloggers about the recent mortgage reform bill going through Congress to protect consumers against predatory lending. For more information about the bill, please check here at GovTrack’s website or here on the OpenCongress website.
Bricks and Mortar
A Clearinghouse on Faith, Development and NonprofitsHR 3915 – The Mortgage Reform & Anti-Predatory Lending Act of 2007
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For full disclosure, I am a mortgage broker myself. There are so many problems with this bill that it is hard to know where to begin. Here is the biggest problem. The people legislating have absolutely no idea about any of the complexities of the mortgage market. They are legislating based on ignorance and on opportunism. This will be catastrophic. I have written a definitive piece on all of the players in the mess, including the broker, and why each is or is not being targeted. Here it is…
http://proprietornation.blogspot.com/2007/11/from-boon-to-crisis-truth-about.html