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Minnesota Overreacts to Mortgage Abuse (Oops, I Think the Baby Was in That Bucket)
Lending Clarity (mortgage industry website) ^
| 07/25/2007
Posted on 07/27/2007 7:34:04 PM PDT by RockinRight
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Regardless what you think of the mortgage industry, or various types of real estate financing, once again, liberal politicians throw the baby out with the bathwater...but...no, they don't...for their big contributors.
To: RockinRight
This would make it impossible for many self-employed people, not to mention those with income from unseasoned second jobs, notes or child support/alimony lasting less than three years, to secure a home loan
also makes it impossible for illegals...
2
posted on
07/27/2007 7:37:11 PM PDT
by
stylin19a
(Don't buy a putter until you have had a chance to throw it.)
To: MplsSteve
To: stylin19a
4
posted on
07/27/2007 7:39:34 PM PDT
by
RockinRight
(Fred Thompson once set fire to a crowd of liberals simply by smoking a cigar and looking upon them)
To: RockinRight
If MN wants to legislate away access to capital markets, that's fine with me.
Maybe something like this will constitute the tipping point demonstrating that government can't be everybody's mommy.
To: RockinRight
In other words, the only way a borrower can get a loan after August 1st is to show pay stubs, W-2s, tax returns, and bank statements. Wouldn't self employed people and other legal citizens with odd jobs be able to use bank statements and tax returns and be fine?
6
posted on
07/27/2007 7:45:31 PM PDT
by
pnh102
To: RockinRight
7
posted on
07/27/2007 7:46:02 PM PDT
by
RachelFaith
(Doing NOTHING... about the illegals already here IS Amnesty !!)
To: RockinRight
The agency duties above and the civil penalties specified below would not apply to mortgage originators employed by federally and state chartered banks and credit unions; since they have been exempted from these provisions in the proposed legislationWhat it is doing is regulating folks that are not otherwise regulated. The folks exempted would be regulated by the Federal Reserve, the FDIC, the NCUA, the OTS, perhaps the FCA, and/or a state regulatory agency.
The writer has an agenda and perhaps a lack of knowledge of the subject.
8
posted on
07/27/2007 7:47:07 PM PDT
by
PAR35
To: pnh102
Wouldn't self employed people and other legal citizens with odd jobs be able to use bank statements and tax returns and be fine?Ever met anyone self-employed who wrote off everything from dog food to toilet paper? They may have a realistic cash flow of $5000 a month, but their AGI is $19400 a year. An underwriter uses the $19400 (plus some depreciation) as their income.
Now, there are loan programs allowing for using the average amount of deposits into a bank account for 12 months (called "bank statements" programs) but generally only subprime lenders allow this.
9
posted on
07/27/2007 7:50:47 PM PDT
by
RockinRight
(Fred Thompson once set fire to a crowd of liberals simply by smoking a cigar and looking upon them)
To: elkfersupper
A mini Taft Hartley. As this gets worse look for more dumb moves like this to magnify the problems.
10
posted on
07/27/2007 7:51:43 PM PDT
by
TeddyIke
To: PAR35
Lack of knowledge my ass.
Mortgage brokers have three times the regulations banks do in this regard. It just said “banks are exempt” and there is no Federal law that says the same thing.
11
posted on
07/27/2007 7:51:54 PM PDT
by
RockinRight
(Fred Thompson once set fire to a crowd of liberals simply by smoking a cigar and looking upon them)
To: RockinRight
Ever met anyone self-employed who wrote off everything from dog food to toilet paper?You mean people who lie about their real income to avoid paying taxes will now face consequences for it? That's really too bad.
To: RockinRight
Lending Clarity (mortgage industry website) No it isn't. It's a mortgage broker's advertising blog.
"Did I mention that I have a fabulous and talented team of people that help me serve our clients. We call ourselves Team1. Visit our website to meet us, or give us a call or email if we can help you clarify things or arrange financing. Its what we do.
Marc Brinitzer Big Valley Mortgage Team1"
http://lendingclarity.com/about
13
posted on
07/27/2007 7:54:51 PM PDT
by
PAR35
To: Prokopton
Well, I’m exaggerating about dog food and toilet paper, but I haven’t met many people that will forego a legitimate write-off.
14
posted on
07/27/2007 7:55:31 PM PDT
by
RockinRight
(Fred Thompson once set fire to a crowd of liberals simply by smoking a cigar and looking upon them)
To: PAR35
Yeah, it is advertising, you’re correct. Honestly before my friend linked the article to me I’d never seen that website before.
15
posted on
07/27/2007 7:56:14 PM PDT
by
RockinRight
(Fred Thompson once set fire to a crowd of liberals simply by smoking a cigar and looking upon them)
To: PAR35
I believe as the legal agent of the borrower the loan broker will now have a duty to get them the best loan, not the one with the highest commission for them. Granted they will still have wiggle room. Only fools trusted their loan broker anyhow. Would you trust a car salesman?
Expecting the bank to act as the agent of the borrower is ridiculous. They are required to be at arms length and are obviously interested parties.
16
posted on
07/27/2007 7:58:35 PM PDT
by
Dinsdale
To: RockinRight
Watch what happens to that market over the next 24 months.
17
posted on
07/27/2007 8:00:22 PM PDT
by
SaxxonWoods
(...."We're the govt, and we're here to hurt."....)
To: RockinRight
but I havent met many people that will forego a legitimate write-off. Virtually everyone I know who is self employed cheats on their taxes to one extent or other. Most of them consider themselves conservative and decry criminals.
To: RockinRight
And while they are at it, if they want to stop people from taking chances why don’t they outlaw those Indian Casinos?
Oh, that’s right, they can’t.
19
posted on
07/27/2007 8:03:20 PM PDT
by
SaxxonWoods
(...."We're the govt, and we're here to hurt."....)
To: Prokopton
You mean people who lie about their real income to avoid paying taxes will now face consequences for it? That's really too bad.I would suggest you do a little research before levelling such charges at the backbone of (and largest employer(s) in this nation.
You may be a victim of class envy or socialist indoctrination and not know it.
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