Collected By Tas-ka - Know your world
  • Guide
  • Health and Fitness
  • Social Media
  • Home Improvement
  • Gaming
  • Money
  • Business
  • Finance
Collected By Tas-ka - Know your world
Finance, Mortgage

The Fed And Mortgage Regulation

I was reading the Housing Wire Blog and today’s post mentioned remarks made by Federal Reserve Bank of Minneapolis President Gary Stern. In them, he is quoted (by a Reuters report) as saying that “U.S. regulators should use caution in reforming mortgage lending rules that have benefited many Americans.” he went on to mention that, according to the report, “many people were able to become homeowners because of innovative financing products like adjustable-rate mortgages, so ‘you don’t want to throw the baby out with the bathwater’ by over-regulating them. https://www.velgenklere.no/  website is your ultimate guide where you will learn more about these new and updated mortgage regulations along with several other tips and recommendations that you can follow in order to deal with your debt easily.

Well, isn’t that just silly? Of course, we all liked the so-called exotic mortgage products that were offered. Backed by Wall Street investors, these products offered a wider range of financing solutions than conventional and government products. See, that is not the problem with this sub-prime mess. I once wrote an article for Hamptons.com called “No Respect For The Loan Officer.” In it I mentioned that a monkey with a calculator could become a Loan Officer because there are no tests or regulations covering individuals that sell loans. True then, true now.

See, for a seasoned professional with a little bit of training, these exotic products offered a full suite of products to sell to the public. The problem is that the mortgage Loan Officers THEMSELVES were not licensed or regulated. Offices in certain states had to be licensed but the individuals did not. In this case, anyone, including some very selfish, crooked people sold exotic loans without proper disclosures or deceitful practices without fear of repercussions.

Mr. Stern is not seeing the forest for the trees here. I know that he was addressing the possibility of regulating mortgage LENDING but still, no one these days is talking about regulating mortgage LENDERS.

As a Loan Officer myself for over 6 years, my biggest problem was when a customer would go with some fly-by-night mortgage broker who promised the world to them while I was giving them a dose of reality. A typical scenario was that I offered a customer a fixed-rate loan, perhaps with points. The competition was offering no points and a lower rate but was not being upfront about where that rate would go in the near future and how a reverse in the housing market might affect his investment and loan. Too bad for my client because the more I talked the more I seemed to be offering a worse deal. Short of calling my competitors a downright liar, there was nothing I could do.

People, it seems, will believe what they want to believe. Regulation of individual Loan Officers would severely limit the number of shysters out there. Looking at lawyers, stockbrokers, doctors, and many other licensed professionals, we know that it will not eliminate the bad stuff altogether, but man, it should be a little bit harder to go sell mortgages than the public then exhibiting a pulse.

April 1, 2020by Max

CATEGORIES

  • Accessories
  • Adventure
  • AK 47
  • Alcohol
  • Animation Production
  • App
  • Auto Loan
  • Beauty
  • Bitcoin
  • Business
  • Buying guide
  • Car
  • Cbd
  • Cigars
  • Clothing
  • Coffee
  • Computer
  • Content
  • Credit
  • Cryptocurrency
  • Debt
  • DIY
  • Dogs
  • Driving
  • Education
  • Electrician
  • Electronic
  • Entertainment
  • Excursion
  • Fashion
  • Finance
  • Food & Drink
  • Gadgets
  • Gaming
  • Garden
  • gifts
  • Guide
  • Health
  • Health and Fitness
  • Home
  • Home and Family
  • Home Design
  • Home Improvement
  • Horoscope
  • Hunting
  • ideas
  • Insurance
  • Internet and Businesses Online
  • Interview
  • Jewellery
  • Job
  • Kids
  • Legal
  • Lifestyle
  • Loan
  • Longboards
  • Marketing
  • Medical issue
  • Mobile
  • Money
  • Mortgage
  • Movies
  • Moving
  • Nikola Valenti
  • Online
  • Online Shopping
  • Outdoor
  • Perfumes
  • Pet Care
  • Pets
  • Privacy
  • Rehab Centers
  • Relationship
  • Rifle
  • Scent
  • Self Improvement
  • Services
  • Shopping
  • Shopping and Product Reviews
  • Skating
  • Smoking
  • Social Media
  • Sports
  • Supplements
  • Sweatshirts
  • Technology
  • Tips
  • Toys
  • Travel and Leisure
  • Treatment
  • Uncategorized
  • Virtual
  • Website

POPULAR POSTS

How Can You Find The Perfect Longboards To Ride?

How Can You Find The Perfect Longboards To Ride?

5 Tips For Maintaining Privacy On Facebook

5 Tips For Maintaining Privacy On Facebook

The Fed And Mortgage Regulation

The Fed And Mortgage Regulation

Bytes and Bytearray Tutorials in Phython 3

Food Bar Nutrition Label And Ingredients Guidelines

Food Bar Nutrition Label And Ingredients Guidelines

TAGS

Accessories Animation Production App Bitcoin Business Buying guide Cbd Computer Content Credit Cryptocurrency DIY Electronic Entertainment Fashion Finance Food & Drink Gadgets Gaming Guide Health Health and Fitness Home Home and Family Home Design Home Improvement Hunting Internet and Businesses Online Job Loan Medical issue Money Mortgage Moving Online Online Shopping Pet Care Pets Privacy Shopping and Product Reviews Social Media Technology Tips Uncategorized Website

RECENT POSTS

How Can You Find The Perfect Longboards To Ride?

How Can You Find The Perfect Longboards To Ride?

Our Best Tips For Gun Cleaning

Our Best Tips For Gun Cleaning

How To Choose A Gaming Headset? List All The 3 Ways For Finding The One

How To Choose A Gaming Headset? List All The 3 Ways For Finding The One

Top facts that you should know about Cichlid fish

Top facts that you should know about Cichlid fish

The 6.5 Creedmoor Rifle For The Best Long Range Scope

The 6.5 Creedmoor Rifle For The Best Long Range Scope

Essential Things You Should Keep In Mind While Buying AK 47

Essential Things You Should Keep In Mind While Buying AK 47

The Perks of Watching Movies Online

The Perks of Watching Movies Online

UC browser – An internet browser that can also be a file manager 

UC browser – An internet browser that can also be a file manager 

The Advantages Of Opening A New Virtual Address

The Advantages Of Opening A New Virtual Address

Know About The Tit-Bits On The Installation Of Stickers On Glass

Know About The Tit-Bits On The Installation Of Stickers On Glass


About Us

Collected  By Tas-ka is a generic news site which covers different industries like tech, science, health, news and many more. The site was founded in 2018 by David Skuha, a professional journalist and entrepreneur. The site aims to be the leading online provider of timely, relevant and valuable information about the latest news and updates in the world. Currently, the site has 5 million unique monthly visitors and 1 million subscribers.

Pages

  • About
  • Advertise
  • Contact
  • Privacy Policy

Recent Posts

  • How Can You Find The Perfect Longboards To Ride?
  • Our Best Tips For Gun Cleaning
  • How To Choose A Gaming Headset? List All The 3 Ways For Finding The One