So what happened? I heard that this passed, and we still can receive ysp..but what does it prevent? Does it still ban stated income loans? When does this bill take effect?
_________________ "There's an old saying in Tennessee—I know it's in Texas, probably in Tennessee—that says, fool me once, shame on—shame on you. Fool me—you can't get fooled again." -—Nashville, Tenn., Sept. 17, 2002
The bill has passed the house, and in the process collected some amendments that do nothing but display how little our "legislators" know about the mortgage biz.
It now faces a vote in the Senate and must garner 51 votes to pass. (I think) Then, it has to be signed by the President. If vetoed by him, must over-ride with the 2/3 majority in the senate, something that's harder to do than it seems.
This bill is far from passing (anything can pass the House), and much attention is being put on the fact that retail mortgage bankers do not face the same regulations.
Also, it is worth noting that an exemption amendment was accepted EXCLUDING FHA LOANS FROM THESE PROVISIONS! In other words, FHA loans can still carry YSP, discount, up-front, and service release premiums, all going to the broker!! So, the Gov't wants to restrict brokers from getting rebates, EXCEPT WHEN IT COMES TO IT'S OWN LOANS!!! Are we in Wonderland or the Land of Oz? Pick one, it matters not.
View next topic View previous topic
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
