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Industry group protesting to CFPB, considering legal action

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Mortgage Professional America | 04 Nov 2013, 06:09 AM Agree 0
A mortgage industry group will meet with the head of the Consumer Financial Protection Bureau this week to protest new regulations set to take effect in January
  • Rich | | 04 Nov 2013, 11:30 AM Agree 0
    NAMB probably won't join because they are afraid of the long reaching arm of this administration through the IRS and the CFPB and other regulatory agencies in this corrupt adminstration to punnish them directly or in other unrelated areas of their lives and businesses for going against them. the Chicago machine has gotten deeply imbeded into every facet of this government. those that dare complain or fight are intimidated or taken out.
    It is sickening...
  • MA broker | | 04 Nov 2013, 11:56 AM Agree 0
    Again our useless/gutless national association shows why we are in the toilet now as brokers. They will not join a lawsuit. All they will do is whine.
  • United brokers | | 04 Nov 2013, 01:29 PM Agree 0
    Maybe because NYAMB is supported by banks. Did I really have to spell it out for u guys.
  • tmortgman | | 05 Nov 2013, 01:03 PM Agree 0
    In fact, the actions of the regulator are intractable. As the lobbyists have said, congressmen and the agencies are so tired of having been bossed around by FNMA/FHLMC and the big money lobbies that they are getting revenge now. They are not going to capitulate until the consumer is impacted. Fortunately for us that's what's happening now - when average buyers can't get mortgages, the rules will change.

    The problem with the industry associations is that they tend to complain that the rules are unfair towards brokers. NO ONE UNDERSTANDS THE RULES SO THEY CAN'T HELP. Most industry professionals don't even understand the rules.

    Also, no one cares about the mortgage business. We are the dog that gets kicked every night.

    The approach the associations have to take is to tell the story of borrowers who are negatively impacted.

    If the Realtors complain, there are 10 million of them and regulators and congressmen listen. Who cares about 90,000 brokers who don't even belong to their national association?

    Join your association and kick in the $100 for the PAC, for Pete's sake. If you knew how much it cost to initiate a lawsuit and saw how much money the NAMB doesn't have, you would understand.

  • Michael H | | 05 Nov 2013, 01:11 PM Agree 0
    Will they eat of the judicial cake if successful ?
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