In Brief: Brokers Want U.S. to Study Core Causes of Foreclosures
American Banker (02/23/07) P. 17; Terris, Harry
A top priority for the National Association of Mortgage Brokers this year, according to Legislative Chairman Joe Falk, will be pushing for a federal government study of the causes of foreclosures and what actions should be taken to curtail them. Falk says the causes of the most recent wave of foreclosures are unclear, but originators, investors, brokers and borrowers all played a role. The group continues to voice opposition to a suitability standard that would force lenders to ensure that borrowers obtain loans that fit their budgets, with Falk insisting that "the ultimate decision maker" is the consumer. Among other things, the group will also push for increased government loan limits and the development of a reverse mortgage backed by the Department of Veterans Affairs.
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A top priority for the National Association of Mortgage Brokers this year, according to Legislative Chairman Joe Falk, will be pushing for a federal government study of the causes of foreclosures and what actions should be taken to curtail them. Falk says the causes of the most recent wave of foreclosures are unclear, but originators, investors, brokers and borrowers all played a role. The group continues to voice opposition to a suitability standard that would force lenders to ensure that borrowers obtain loans that fit their budgets, with Falk insisting that "the ultimate decision maker" is the consumer. Among other things, the group will also push for increased government loan limits and the development of a reverse mortgage backed by the Department of Veterans Affairs.
(More - Subscription Required)
