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FHA looks to lessen mortgage mistake punishments

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Mortgage Professional America | 11 Feb 2015, 08:22 AM Agree 0
In an effort to expand credit, government officials are discussing easing up on the penalties given to lenders that make mistakes on mortgage applications.
  • Johnny Mortgage | | 11 Feb 2015, 09:30 AM Agree 0
    The Govn't is void of common sense. They should no longer be securitizing conventional mortgages. The repurchase penalties are absurd and continue to make originating mortgages "pulling teeth". FHA is borderline antiquated, even after the MI premium drop. This is because the Govn't doesn't have a clue. Keep FHA mortgage securitization in the Govn'ts hands, but FREE CONVENTIONAL SECURITIZATION!
  • gjh | | 11 Feb 2015, 05:04 PM Agree 0
    Put everyone on the same playing field. Banks have been cleaning up since the unfair lobbying and blaming brokers. Interesting how they wanted to oust brokers so they changed the laws to their advantage. Now that it is time to pay the piper, Jamie DImon is screaming that regulations prohibit them from making a fair profit. BULLFISH!! You reap what you sew. Can't blame the brokers anymore. How about changing the AMC's ? Doesn't Barney Frank own one? How come the consumer got the raw end of this one? EVER wonder why an appraiser needs a contract other than blaming this on USPAP? Maybe there should be bigger fines for not disclosing proper concessions but NO CONTRACT supplied. Plenty of future opportunity to go after builders and Zillow for their role in violating RESPA> None of this is off the track. Government has sense but wastes trillions. Time to oust all of them .
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