Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!! Message Board

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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!

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To: tedwardst who wrote (4842)	11/12/2007 11:48:15 AM
From: ravenseye	Read Replies (1) of 5673

Brokers slam AG Fear industry crackdown will cost thousands of jobs By Jay Fitzgerald Wednesday, November 7, 2007 Mortgage brokers are in an uproar over Attorney General Martha Coakley’s proposed regulations for the industry, saying her plans would gut how they’re paid and potentially lead to thousands of job losses.... bostonherald.com ...The group, which represents both mortgage brokers and lenders, is threatening legal action to block Coakley’s new rules, which are set to take effect Nov. 15.... ...The industry fears center on how mortgage brokers - who act as sales conduits for major out-of-state lending companies and banks - are compensated for arranging mortgage loans. The current widespread practice is for brokers to get reimbursements through so-called “yield spread premiums,” which basically tack on higher interest rates to mortgages. But Cuff said the alternative is to require that borrowers make upfront point payments, which some customers can’t afford. Coakley’s regulations wouldn’t specifically ban “yield spread premiums,” Cuff acknowledged. But he said Coakley’s office has briefed industry officials and told them that the intention is to crack down on “yield spread premiums,” which Coakley confirmed yesterday is her intention. Coakley, who’s attempting to crack down on mortgage-loan abuses that were rampant before the recent collapse of the subprime-loan market, yesterday shot back that brokers and others never brought up the compensation issue during recent hearings on her regulations. She asserted she won’t back down from her proposals. Coakley said some of the most “egregious behavior” before the subprime-market meltdown was associated with how brokers and others were compensated.

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