Comments on: Hillary’s mortgage reform plan… http://www.coffeeforclosers.org/hillarys-mortgage-reform-plan/ Leads Closed Fresh Daily Wed, 22 Dec 2010 23:57:06 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Raul http://www.coffeeforclosers.org/hillarys-mortgage-reform-plan/comment-page-1/#comment-135 Raul Fri, 08 Feb 2008 18:50:20 +0000 http://www.coffeeforclosers.org/?p=66#comment-135 I find it funny that Hillary puts this mess upon the shoulders of the Brokers aimed at the sub-prime market. The bad loans were written and approved by underwriters of big banks as well. Loan Officers everywhere were selling them because of the rebates and the points. The option arms, hybrids, and interest only arms were being sold based on the benefit of having a low monthly mortgage without full disclosure of how the loan really works. There is nothing wrong with an option arm or hybrid or I/O loan if used appropriately and completely explained. I find it funny that Hillary puts this mess upon the shoulders of the Brokers aimed at the sub-prime market. The bad loans were written and approved by underwriters of big banks as well. Loan Officers everywhere were selling them because of the rebates and the points.

The option arms, hybrids, and interest only arms were being sold based on the benefit of having a low monthly mortgage without full disclosure of how the loan really works. There is nothing wrong with an option arm or hybrid or I/O loan if used appropriately and completely explained.

]]> By: Avi http://www.coffeeforclosers.org/hillarys-mortgage-reform-plan/comment-page-1/#comment-125 Avi Tue, 29 Jan 2008 23:36:04 +0000 http://www.coffeeforclosers.org/?p=66#comment-125 I think Hillary is not the only offender. Industry regulations almost always help the large players. The only exception is a true monopoly situation. Think about all the safety and environmental regulations in the car industry, as vital as they are, they exponentially raise the barrier to entry for any would-be car maker. Mortgage will be no different and the average broker will need to use their size and agility to maintain innovation advantages over the large, and lazy lenders. I think Hillary is not the only offender. Industry regulations almost always help the large players. The only exception is a true monopoly situation. Think about all the safety and environmental regulations in the car industry, as vital as they are, they exponentially raise the barrier to entry for any would-be car maker. Mortgage will be no different and the average broker will need to use their size and agility to maintain innovation advantages over the large, and lazy lenders.

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