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New Fed Rule for Mortgage Brokers

Started by steveF
over 15 years ago
Posts: 2319
Member since: Mar 2008
Discussion about
http://www.nytimes.com/2011/02/20/realestate/20mort.html?_r=1&ref=realestate I don't think this helps. Mtge brokers will now push for maximum loans to increase their commissions. Someone who borrows 70% LTV will probably be "steered" to borrow 80. So the overextention will re- emerge. I hope someone is watching these guys. My experience is to go right to the banks and forget brokers. I've run into many a shady broker and always wound up closing directly with the lender.
Response by steveF
over 15 years ago
Posts: 2319
Member since: Mar 2008

should clarify...one shady, the rest incompetent

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