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House committee to debate Dodd-Frank alternative

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Mortgage Professional America | 12 Sep 2016, 08:15 AM Agree 0
The House Financial Services Committee will debate the Financial CHOICE Act – the Republican alternative to Dodd-Frank – on Tuesday
  • Gary J. Heinecke | | 12 Sep 2016, 02:47 PM Agree 0
    Thank you Jeb Hensarling for acknowledging the fact that the larger banks have been a very unfair advantage and that OBAMA presented this as if it was to help out the consumer. Far far from the truth. How come no one publicizes the fact that the SPonsor of the Bill Barney Frank has made 10's of millions by "owning a appraisal management company" . This is part of the law that requires a "third party " company known as an AMC review the appraisals . All it did was double the cost of the appraisal and cost the consumer. Lastly 49.9% of the AMC can be owned by the bank. ANOTHER MAJOR CONFLICT !!
  • GS | | 12 Sep 2016, 02:58 PM Agree 0
    Right on. Appraisal costs have doubled, delivery times as well, and the appraiser makes the same paycheck with 2-3 times as much work. The AMC makes as much as appraiser and does literally nothing they create nothing of value on the same work that was being done 10-15 years ago.

    My closings now generate 30-40 "coordination" emails between different employees to comply with DF and TRID.

    Whole damn thing is a mess, and guess who got rich?
  • Question the Source | | 13 Sep 2016, 05:26 AM Agree 0
    What AMC does Barney Frank own? Who makes 10's of millions in profit in the AMC business at less than $100 in gross revenue per file?
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