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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: patron_anejo_por_favor who wrote (48798)	3/28/2006 1:34:35 PM
From: mishedlo	Read Replies (1) of 116555

Bonuses to Loan Brokers Scrutinized Lenders often reward those who arrange high-interest mortgages. Many borrowers don't know they qualify for a lower rate, officials say. By Jonathan Peterson, Times Staff Writer March 27, 2006 WASHINGTON — A little-known reward for brokers who arrange home loans at high interest rates is drawing scrutiny from law enforcement authorities, who say these bonuses can cost unwitting homeowners thousands of dollars over time. Lenders pay the bonuses to independent brokers who sign up borrowers for mortgages at higher interest rates than they qualify for. With these brokers now writing an estimated 60% of home loans in the U.S., regulators are concerned that many people are being steered into higher-rate loans without being aware of the higher costs. .... latimes.com

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