Phoenix Real Estate Forum Index Phoenix Real Estate
Phoenix Real Estate and Housing Updates
 FAQFAQ   SearchSearch   MemberlistMemberlist   UsergroupsUsergroups   RegisterRegister 
 ProfileProfile   Log in to check your private messagesLog in to check your private messages   Log inLog in 

HR3126 and the mortgage lending process

Post new topic   Reply to topic    Phoenix Real Estate Forum Index -> Arizona Mortgage Broker
View previous topic :: View next topic  
Author Message
Ron Wilczek

Joined: 19 Dec 2009
Posts: 111
Location: Phoenix Metropolitan Area

PostPosted: Sun Dec 27, 2009 7:10 pm    Post subject: HR3126 and the mortgage lending process Reply with quote

A continuation from part one of this post. Max (the appraiser)and I had a lively discussion about HR 3126, the Consumer Financial Protection Act of 2009. The first post was getting long so it was time to break the conversation into two parts.

The response from Max:

    <em>"Until you know how to appraise you have no way of knowing what is best related to this issue. Yes, this rules help some (banks) and screws others like borrowers, appraisers and others! First of all, all they needed to do was ENFORCE the rules and NOBODY did that. I think that would be a great place to start! Second, in order to change something you got to get the top professionals who are ethical in each field and together come up with a new solution and not just decide behind closed doors like the moron Cuomo did, to give his friends in the banking industry another revenue to screw everyone! All they did was kill a lot of small business and gave it the big banks basically! You are talking about putting somebody in the middle, how is the management company in a better position to order appraisals when they are owned by the banks?? See a little conflict of interest there? ENFORCE the rules and hold everyone accountable, should have been a good way to start! Instead they screwed the hard working average Joe and closed down a lot of small businesses, nice way to go!"</em>


There's always more than one side to a story. Appraisers, many of whom were innocent of any wrongdoings, went out of business because of HR3126. Consumers -- who for the most part only knew what their realtor told them about home values -- had an added level of protection against overpriced homes. And of course, it was now much more difficult for people who actually wanted to perpetrate loan fraud to get away with it. However, as Max pointed out, over regulating an industry can cause financial hardship with the average small business.

What are your thoughts?

Arizona mortgage company, mortgage lending process


Source: Arizona Mortgage

Arizona Mortgage

Mortgage Lending, Rates, Brokers, Process

Back to top
View user's profile Send private message Send e-mail Visit poster's website
Display posts from previous:   
Post new topic   Reply to topic    Phoenix Real Estate Forum Index -> Arizona Mortgage Broker All times are GMT
Page 1 of 1

Jump to:  
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
Phoenix Real Estate topic RSS feed 

Powered by phpBB © 2001, 2005 phpBB Group