tag:blogger.com,1999:blog-6323554779266663124.post3080003151210182460..comments2023-11-03T04:45:26.986-05:00Comments on Proprietor Nation: The Politics of H.R. 3915mike volpehttp://www.blogger.com/profile/00858580982582146161noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-6323554779266663124.post-53271653981869083822007-11-09T16:00:00.000-06:002007-11-09T16:00:00.000-06:00That story is either made up or with all due respe...That story is either made up or with all due respect to your "friend" they are just dumb.<BR/><BR/>You are telling me someone agreed to move out of a fixed rate at 5.375% and into an ARM, even if it had a tiny payment, that is now 9.8%. If they did that, then I have no pity for them. If they weren't happy enough with a 5.375% fixed rate and thought that an adjustable with a three year pre payment penalty was better, then I am sorry they deserve what they are getting.<BR/><BR/>Wait, you are saying this borrower also agreed to pay $9500 for this loan.<BR/><BR/>I suspect you are making this up. Someone who is able to get a rate of 5.375% is simply not this dumb.mike volpehttps://www.blogger.com/profile/00858580982582146161noreply@blogger.comtag:blogger.com,1999:blog-6323554779266663124.post-86781755835724512152007-11-09T15:54:00.000-06:002007-11-09T15:54:00.000-06:00I have carefully reviewed a summary of the propose...I have carefully reviewed a summary of the proposed HR3915 Bill and I do not see any language prohibiting the payment of YSPs with the exception of non-prime loans. This is addressed in the section marked "Anti-Steering" and addresses the payment of YSP that benefits the originator and not the consumer. This happened recently to a past client of mine. He was refinanced out of a thirty year fixed rate mortgage at 5.375 and put into a Monthly Neg Am Arm, rate currently 9.79, margin 4.85%. Broker charged him 1% loan fee and took $9500. in YSP... AND there is a three year prepayment penalty. A CRIMINAL ACT!! It is the actions of these unscrupulous loan originators that created the momentum for this reform bill. Unfortunately, it will also affect those of us who had our customer's best interests at heart.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6323554779266663124.post-38521242603064366592007-11-08T12:23:00.000-06:002007-11-08T12:23:00.000-06:00Interesting cast of cosponsors�all generally from ...Interesting cast of cosponsors�all generally from very urban congressional districts.<BR/><BR/>Rep Bean, Melissa L. [D-IL-8] - 10/22/2007 *<BR/><BR/>Rep Capuano, Michael E. [D-MA-8] - 10/22/2007 *<BR/> <BR/>Rep Carson, Julia [D-IN-7] - 10/22/2007 *<BR/><BR/>Rep Clay, Wm. Lacy [D-MO-1] - 10/22/2007 *<BR/> <BR/>Rep Cleaver, Emanuel [D-MO-5] - 10/22/2007 *<BR/><BR/>Rep Cohen, Steve [D-TN-9] - 10/31/2007 <BR/> <BR/>Rep Ellison, Keith [D-MN-5] - 10/22/2007 *<BR/> Rep Frank, Barney [D-MA-4] - 10/22/2007 *<BR/> <BR/>Rep Giffords, Gabrielle [D-AZ-8] - 11/6/2007 <BR/><BR/>Rep Green, Al [D-TX-9] - 10/22/2007 *<BR/> <BR/>Rep Gutierrez, Luis V. [D-IL-4] - 10/22/2007 *<BR/><BR/>Rep Hodes, Paul W. [D-NH-2] - 10/22/2007 *<BR/> <BR/>Rep Jones, Stephanie Tubbs [D-OH-11] - 10/29/2007 <BR/><BR/>Rep Kaptur, Marcy [D-OH-9] - 10/25/2007 <BR/> <BR/>Rep LaTourette, Steven C. [R-OH-14] - 11/6/2007 <BR/><BR/>Rep Maloney, Carolyn B. [D-NY-14] - 10/22/2007 *<BR/> <BR/>Rep Meeks, Gregory W. [D-NY-6] - 10/22/2007 *<BR/><BR/>Rep Moore, Gwen [D-WI-4] - 10/22/2007 *<BR/> <BR/>Rep Murphy, Christopher S. [D-CT-5] - 10/22/2007 *<BR/><BR/>Rep Sutton, Betty [D-OH-13] - 10/25/2007 <BR/> <BR/>Rep Waters, Maxine [D-CA-35] - 10/22/2007 *<BR/><BR/>Rep Watt, Melvin L. [D-NC-12] - 10/22/2007 *<BR/> <BR/>Rep Wynn, Albert Russell [D-MD-4] - 10/29/2007 <BR/><BR/><BR/> http://firstcapitalgroup.blogspot.com/RILIANhttps://www.blogger.com/profile/06122502653312272956noreply@blogger.com