Posted on 08/13/2007 8:28:09 AM PDT by Hydroshock
NEW YORK (CNNMoney.com) -- In the wake of the subprime mess, Democratic presidential candidates are grabbing hold of the issue and offering their own solutions. And the problem, many of them say, lies with the mortgage broker.
Sen. Barack Obama has introduced legislation targeting fraud and predatory lending. John Edwards, the former senator from North Carolina, has said he wants to ban certain fees, establish uniform broker licensing standards and start a national database for disciplinary infractions.
Current Mortgage Rates
And last week, Sen. Hillary Clinton came out with a plan to address lending abuses. One of its main policy planks was to "crack down on unscrupulous brokers."
The National Association of Mortgage Brokers (NAMB) reacted to Clinton's statement immediately, criticizing her for singling out small business owners and calling for wider scrutiny.
"The entire mortgage system needs to be examined from stem to stern," the NAMB said in a statement, "from the home shopping phase, bankers, brokers, and lenders, all the way to Wall Street and the rating agencies."
(Excerpt) Read more at money.cnn.com ...
Just transfer money from those who work to those who dont...
No, it is tranferign money from those who manage their affairs in a reasonable manner to those who spend, spend, spend.
Isn’t the meltdown already “cracking down” on unscrupulous lenders, by bankrupting them?
Excuse me, but didn’t we get into this mess because Democrats were demanding the housing market be more “accommodating” of minorities and those that are on the border line of being able to afford a house. Seems to me they were having hearings and what not about how blacks and others cannot afford homes because they end up with too high of interest rates or cannot borrow enough for a home.
Dems want to party like it’s 1929.
since Govt. owns these loans so to speak, they can help the people by overhauling the current paperwork and offer substantially lower interest rates on those loans. Loses would be minimal. SUre profits would not be raked in but the loans would be paid as scheduled. minimizing loses for everyone. I’m sure a lot of people would love to have something like that instead of going under, but the govt.(Dims mainly would rather have people go under)will not use such common sense.
The National Association of Mortgage Brokers (NAMB)LA.
Just add an LA on the end of this and the lefties will support it rather than abhor it. :)
Get Hillary to testify on how she got Terry MacAuliff to pay for her house when she was not elligible for a mortgage. Can she share that with the speculators in trouble now?
Repubs will pressure Bush to pass a bailout bill, ie Fannie and Freddie will be given authorization to buy all of the bad paper estimated at $1 trillion.
Taxpayer extortion.
BUMP
Every generation must learn the hard way, the painful lesson that there is no such thing as “easy money”.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Ah, yes...the horses are long gone and the Dimwits rush and stampede to shut the gate!!! As usual...too little, too late. Don’t any of these boobs have an original idea??? Pitiful jerks.
The government owns which loans, so to speak?
they can help the people by overhauling the current paperwork and offer substantially lower interest rates on those loans.
You want the government to buy mortgages that aren't being paid and lower the interest rate?
Loses would be minimal.
You have any proof?
Sure profits would not be raked in but the loans would be paid as scheduled.
Because you say so?
.
They pretty much already do. The bulk of mortgages are undwritten to Fannie And Freddie standards.
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