As the kids say now a days..... "Its ovah son, Its OH-VAH!"
Thanks to the wonderful piece of legislation known as The Mortgage Reform and Anti-Predatory Lending Act of 2007. Mortgage Brokers will no longer be able to:
- Make a profit at your expense with YSP or Yield Spread Premium, which is is the cash rebate paid to a mortgage broker based on selling an interest rate above the wholesale par rate that the borrower qualifies for.
- Give no down, no document loans to illegal immigrants and flippers who think they "Deserve" a half million dollar house.
Good job Congress, It is nice to see the government actually pass meaningful legislation for once.
For a good laugh you can read mortgage brokers crying about this bill here.
1 comment:
>no document loans to illegal Mexicans.
Real nice adding Racisim to utter stupidity. This bill will "hurt" 95% of consumers in the long run.
Mark my words, 95%!
Post a Comment