Comments on: Supporters of H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act Believe Borrowers Were Duped Into Bad Loans http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/ The Original Mortgage Blog. Providing the Mortgage Industry with News and Information Since 2005. Wed, 17 Mar 2010 10:00:03 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: BloodhoundBlog.com | The End of No-Cost Mortgage Loans and Other HR 1728 Concerns | National real estate marketing and technology blog | Realtors and real estate, mortgage and investment news http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/comment-page-1/#comment-4292 BloodhoundBlog.com | The End of No-Cost Mortgage Loans and Other HR 1728 Concerns | National real estate marketing and technology blog | Realtors and real estate, mortgage and investment news Fri, 22 May 2009 16:00:54 +0000 http://lenderama.com/?p=2581#comment-4292 [...] I’ve spent a significant amount of time reading, researching and writing about how mortgage originators can battleback against this new Mortgage Reform bill. [...] [...] I’ve spent a significant amount of time reading, researching and writing about how mortgage originators can battleback against this new Mortgage Reform bill. [...]

]]> By: Mr. Mortgage Helper http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/comment-page-1/#comment-4291 Mr. Mortgage Helper Thu, 21 May 2009 05:40:11 +0000 http://lenderama.com/?p=2581#comment-4291 will this Anti-Predatory Lending Act help the borrowers in any way? If a borrower is in dire need of money he will borrow money even from a predatory lender. Is not it? will this Anti-Predatory Lending Act help the borrowers in any way? If a borrower is in dire need of money he will borrow money even from a predatory lender. Is not it?

]]> By: Richard Stabile Bergen County http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/comment-page-1/#comment-4293 Richard Stabile Bergen County Wed, 20 May 2009 03:50:47 +0000 http://lenderama.com/?p=2581#comment-4293 Sept 30 1999 New York Times, I don't remember the reporter, however the article is available. It spoke of President Clinton's desire that all people should get a home loan. It spoke of how he asked and pressured Fannie and Freddie to open up their standards to less qualified borrowers. This was the beginning of the great society version of how we should do lending. It all started there and further in 2004 when congress repealed the restrictions on leveraging. Yes the bankers knew better, but they were working with and competing with the government agencies, Fannie and Freddie. Wall Street stepped up to a low interest rate environment that had little profit potential and blew it up. This was all at the desire of Barney Frank and company, to expand credit standards and loosen requirements. The notion however to lend without prudence, was the lack of skin in the game. This has now changed. Sept 30 1999 New York Times, I don't remember the reporter, however the article is available. It spoke of President Clinton's desire that all people should get a home loan. It spoke of how he asked and pressured Fannie and Freddie to open up their standards to less qualified borrowers. This was the beginning of the great society version of how we should do lending. It all started there and further in 2004 when congress repealed the restrictions on leveraging. Yes the bankers knew better, but they were working with and competing with the government agencies, Fannie and Freddie. Wall Street stepped up to a low interest rate environment that had little profit potential and blew it up. This was all at the desire of Barney Frank and company, to expand credit standards and loosen requirements. The notion however to lend without prudence, was the lack of skin in the game. This has now changed.

]]> By: Mark Madsen http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/comment-page-1/#comment-4289 Mark Madsen Tue, 19 May 2009 03:31:42 +0000 http://lenderama.com/?p=2581#comment-4289 Agreed. Agreed.

]]> By: Mr Mortgage Loan http://lenderama.com/2009/05/18/supporters-hr-1728-mortgage-reform-antipredatory-lending-act-borrowers-duped-bad-loans/comment-page-1/#comment-4290 Mr Mortgage Loan Tue, 19 May 2009 00:04:18 +0000 http://lenderama.com/?p=2581#comment-4290 Mortgage Originators have been giving a black eye since the boom years. I agree that some of it is deserved but in my opinion to completely swing one way or the other is always a mistake. You make consumers into lemmings that blindly walk into a situation that is absolutely disgusting. <br><br>Although the mortgage originator or any other professional involved in the purchase of your home/refinance etc has a fiduciary responsibility to act in your best interest, the buck doesn't stop there. Consumers are ultimately responsible for their own financial well being. Yes its true some were duped into loans that weren't to their own benefit, most knowingly signed on loan documents knowing full well they were taking a gamble with the market. Mortgage Originators have been giving a black eye since the boom years. I agree that some of it is deserved but in my opinion to completely swing one way or the other is always a mistake. You make consumers into lemmings that blindly walk into a situation that is absolutely disgusting.

Although the mortgage originator or any other professional involved in the purchase of your home/refinance etc has a fiduciary responsibility to act in your best interest, the buck doesn't stop there. Consumers are ultimately responsible for their own financial well being. Yes its true some were duped into loans that weren't to their own benefit, most knowingly signed on loan documents knowing full well they were taking a gamble with the market.

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