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Savitt blasts Warren on mortgage speech

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Mortgage Professional America | 14 Jan 2014, 07:06 AM Agree 0
The president of the National Association of Independent Housing Professionals had strong words for Sen. Elizabeth Warren Monday
  • Brad Peterson | | 14 Jan 2014, 08:23 AM Agree 0
    Wow! Savitt is scoring "big time" points here. Hopefully his common sense thinking won't go out the window after he becomes elected. Elizabeth Warren made these statements because she doesn't know her a** from her elbow and is a political puppet. One of many of her "ill informed" proclamations we have seen.
  • Brad Peterson | | 14 Jan 2014, 08:27 AM Agree 0
    Wow! Savitt is really scoring some points here. Let's hope his "common sense" does not disappear upon becoming elected. Elizabeth Warren said these things because she does not know her a** from her elbow and is a political puppet. One of many incorrect proclamations from Senator Warren, and certainly not her last.
  • Tim K | | 14 Jan 2014, 08:30 AM Agree 0
    Go get 'em Mark. Warrens comment help to clarify that those that regulate us truly do not understand how the industry actually works. She sounds like a fool.
  • Lin Yan | | 14 Jan 2014, 08:30 AM Agree 0
    Great statement. It is so true!!!!
  • Dan | | 14 Jan 2014, 08:30 AM Agree 0
    Elizabeth has succumb to the stupidity found in Washington these days. Rather then providing current and credible information she has become another bobble head serving Kool-Aid to the american consumer. Chances are Elizabeth will not take any responsibility when things begin to fall apart.
  • Mike Thomas | | 14 Jan 2014, 08:31 AM Agree 0
    My thoughts exactly. Thank you Marc Savitt. Scary to think senators like Warren who are tasked with topics like these have no grasp of the subject. Very scary
  • Norma Minnis | | 14 Jan 2014, 08:31 AM Agree 0
    It is amazing that the persons in charge (Elizabeth Warren, etc.) have so little understanding the industry. Thank you, Marc, for always telling it like it is.
  • Doug Brasher | | 14 Jan 2014, 08:34 AM Agree 0
    Well said Mark Savitt! Thank you. Elizabeth Warren is just another government rule maker that simply doesn't understand our industry and how their new regulations create negative consequences for the consumers they are trying to protect and for small businesses that drive the economy
  • Melanie Thompson | | 14 Jan 2014, 08:39 AM Agree 0
    So happy that Marc Savitt is running for the US House in VA-10. Cannot wait to see a strong supporter of small businesses and consumers in the halls of Congress, as well as someone to call the idiots on the carpet for their daily misstatements and fact twisting.
  • Ray | | 14 Jan 2014, 08:39 AM Agree 0
    "Under the table payoffs" from lenders. Who's the crook? The payer or the payee? This kind of talk out of a politician is aimed at the low information voter, e.g. "payoff, under the table..." She should be ashamed of herself for pandering so openly. When will the true voters (those who pay taxes) wake up to these carpetbaggers?
  • Sal | | 14 Jan 2014, 08:41 AM Agree 0
    Marc well done. The banking industry justs wants us out. There is no level playing field but let's all stay strong.
  • John Fox | | 14 Jan 2014, 08:51 AM Agree 0
    I just got out this year. Refused to renew my license after 29 years in the industry when the
    NMLS told me my fingerprints expired. Fingerprints expire? Really? Enough is enough. Thank you Elizabeth Warren etal.
  • Steve F | | 14 Jan 2014, 08:58 AM Agree 0
    isn't she the same person who extended high cost private mortgages to several people including family members at rates that would be triple what she publicly deems predatory? Oh and I seem to recall some property flipping schemes she was a part of in regard to all that as well. Yup she sure was. I think she has a lot of nerve but am not at all surprised by the hypocrisy. Typical really. Hope that the honorable Mr. Savitt will make some difference for us little guys.
  • Griff | | 14 Jan 2014, 08:58 AM Agree 0
    Logic would tell me SRP is unfair and deceptive. Warren consistently uses the word "broker" in place of lender, banker, etc. She needs and education.
  • Elaine | | 14 Jan 2014, 09:03 AM Agree 0
    To John Fox..........I'm right behind you.
    I've been at this for 30 years and the regs get dumber and dumber. No one seems to have a grasp on how the business is suppose to really work. I never thought I'd throw in the towel, but I'm there.
  • Brion M | | 14 Jan 2014, 09:10 AM Agree 0
    What an insult for Elizabeth Warren to even suggest that mortgage brokers are steering consumers to "high cost" products!!! And to insinuate that we are as dishonorable as politicians is a real face slap! Give us an example "liz" since there are no high cost products in the market today that the average brokers even has access to. I have instructed my L.O.'s that $100K is the absolute minimum mortgage we will do. The government interference in our industry is unprecedented and done to disguise all the new government jobs created at the expense of the mortgage industry.
  • Brion M | | 14 Jan 2014, 09:11 AM Agree 0
    What would happen if everyone just stopped voting period. Would these idiots stay in office longer????
  • Robert | | 14 Jan 2014, 09:13 AM Agree 0
    Cheers Marc! "Elizabeth, really, do your home work before making statements like this!" "Hard working people are leaving this industry DAILY." Obviously,you support the big banks and not the small and mid size mtg
  • Neill Fendly | | 14 Jan 2014, 09:19 AM Agree 0
    Warren, and Washington DC, remain an island surrounded by reality.
  • Bob Perry | | 14 Jan 2014, 09:27 AM Agree 0
    According to a 2012 study by the University of Chicago some 1824 elected officials have been convicted here in Illinois. We are 3rd in the nation behind CA & NY for corrupt officials.
    Our elected officials are arrogant, out for themselves and the sound bite from the media. We the people had better start getting involved because the inmates are now running the asylum.
  • Joe in MN | | 14 Jan 2014, 09:28 AM Agree 0
    I'm waiting for when WalMart has to display their cost on the package for everything they sell right next to their retail price. Elizabeth Warren is simply another clueless fool destroying the country.
  • Laurie Souders | | 14 Jan 2014, 09:57 AM Agree 0
    Amazing how ignorant some elected officials are.

    Based upon my 5 years reviewing foreclosures, banks, Wall Street and lenders are guilty of grievous financial crimes, management and sales should be prosecuted or at least barred from the industry.

    Real estate should not be a piggy bank to raid. Cash out refinances must make sense, negative cash flow is very high risk.

    Whole mortgage sales make sense, selling layers of CDO's is risky like buying a lottery ticket.

    Other than legitimate fully documented income to US citizens that defaulted, all mortgage debt losses should be reviewed to determine losses to aliens. Repay any federal debt to re-enter the country or have a real repayment plan in place to stay. It's a privilege to live here, earn your right to stay or go home. For the uneducated, tricked into mortgages they didn't understand, testify against those who knew you couldn't pay the debt.

    Harsh but financially responsible.

    Marc, you are one of the good guys! I can't think of a more honest or ethical person willing to run for office.
  • gary | | 14 Jan 2014, 10:00 AM Agree 0
    Marc Savitt has a true grasp of this reality. Fact is the Government is supposed to be for the people by the people. AN old adage but a very important fact. When are we going to prosecute Dianne Feinstein for "insider trading" or impeach the responsible person for dismantling the post office and filtering the commissions to Dianne Feinstein's husband. This alone was in the billions. His commission probably exceeds the wonderful budget savings after years and years. Washington has some pair when they throw money away, get kickbacks from banks and seek to blame brokers. Marc we are with you 100%. Thank you for supporting us. Good luck turning around the corruption that is destroying America.
  • jlm | | 14 Jan 2014, 10:27 AM Agree 0
    KUDOS to Savitt ... about time someone spoke loud a clear about the truth. SRP and YSP the same .. big banks are favored .. Brokers are discriminated against and falsely accused of being predatory .. we all know that the big banks are the real predators and will such every dollar from you they can
  • Richard Godwin | | 14 Jan 2014, 10:28 AM Agree 0
    If only Marc Savitt received as much press coverage as Lizzie Borden Warren.
  • Pat Anderson | | 14 Jan 2014, 10:43 AM Agree 0
    Obviously everyone knows that Ms Warren is only in this for her own pathetic self promotion. She obviously doesn't give a rat's ass about the consumers being 'tricked' - she did the same thing by claiming she was a minority in order to get into college. I feel for the 'real' minority that she displaced.
  • Chris Swanson | | 14 Jan 2014, 11:08 AM Agree 0
    Yes, scary that Warren doesn't know what's going on but come on, is anyone really surprised? Big government has been screwing up private industry for years!
  • Bob A | | 14 Jan 2014, 12:50 PM Agree 0
    Comments like Ms. Warrens only prove that the very people the government is trying to help are being hurt. The business has already policed itself well before the Dodd-Frank bill and LO Comp rules. Wake up politicians before you destroy the housing market completely.
  • Louis | | 14 Jan 2014, 12:56 PM Agree 0
    Good Job Savitt just wish you were a bit harsher with the statement, I have been a REAL and TRUE Loan officer since before 1990 and you are so right how the banks are stealing from the consumer it's a shame that congress is allowing them to do it, what part of the disclosure don't they understand, BROKERS Disclose Every Single Penny to the CONSUMER and how it's being used to Benefit them while the big banks do not disclose one penny which is usually about 2 - 3% of the mortgage amount totaling about 4000 -6000 dollars depending on the mortgage amount which should be used to help pay for borrowers non-recurring and recurring closing cost or prepaids. What part of that don't CONGRESS understand or do they hmm. Please STOP feeding or telling lies to the Consumer you are costing them so much money and killing the AMERICAN DREAM of home ownership. Even hvcc was another dumb rule how can an appraiser pump up value when the COMPS are with in blocks of the subject property, all this does is cost the Consumer much more money, cause of bad appraisals and takes money and food from the table from a good appraiser just trying to do his job....DO THE RIGHT THING
  • Douglas Braden | | 14 Jan 2014, 01:20 PM Agree 0
    Well said Marc AGAIN I guess we just have to keep saying it over and over until it finally sinks into the thick heads in Washington "Stop harming the small businesses, stop picking the winners and losers and put rules in place that really do provide clarity to consumers".... quote from me, and the rest of the lending community who care Rock On
  • Traci | | 14 Jan 2014, 01:55 PM Agree 0
    Marc is a mortgage broker and a small business ower just like the rest of us. He is right on point with his statements and analysis!! I'm sorry to hear several have left the business after years and years of doing what they loved. But many of us have been debating that same path and keep praying we can survive and make a decent living while guiding our clients through this terrible mess - opps... maze of rules, disclosures, hightened compliance, more documents. The pendulum just keeps swining too far and I pray Marc wins his congressional seat and gives them hell in Congress. God knows it's going to take someone with ethics, true knowledge and understanding to stop the madness in DC.
  • Broker4Life | | 14 Jan 2014, 02:45 PM Agree 0
    "Under the Table???" Wow! And she helped create "Chicken Fried Peanut Butter?". If that's their understanding, then no wonder why the rules don't make sense.
  • Susan Zeiber | | 14 Jan 2014, 03:09 PM Agree 0
    Thank you for always being there for the broker, Marc!!
  • Voltaire | | 14 Jan 2014, 03:44 PM Agree 0
    AHHH, you got 'em Liz, their all crooked, all of em, everybody, under the table, over the dinner table, wired to illusonary accounts...sic em's just you and me...and I got my doubts about YOU!!!
  • Chris | | 14 Jan 2014, 05:19 PM Agree 0
    I had personal correspondence w/ EW when she was in Massachusetts politics while still at Harvard. She showed an amazing ignorance of the issue and a stunning resistance to viewing fact vs fiction in the yield spread issue. Somehow she rode this to the senate. My family is loaded w/ Libs, including me, but her ROBIN HOOD reputation is not deserved, in my book.
  • Regulation is killing the US. | | 14 Jan 2014, 05:39 PM Agree 0
    "It's not hard to see why the U.S. is losing ground. Even marginal tax rates exceeding 43% cannot finance runaway government spending, which has caused the national debt to skyrocket. The Obama administration continues to shackle entire sectors of the economy with regulation, including health care, finance and energy. The intervention impedes both personal freedom and national prosperity."
  • Wm Matz | | 14 Jan 2014, 06:02 PM Agree 0
    The key point is Marc's [and our] cry for a level playing field. Whatever the rules, they should apply equally to all originators. Warren's failure to understand that reflects her ignorance. Only time will tell whether she is willing to change her mind when confronted with the facts or she is just another political hack like Dodd and Frank.

    With that said, some of the criticism of Warren is false and ignorant. Many brokers [and bank LO's] were paid huge YSP's/bonuses [4-5 points] to steer borrowers into high-cost Options ARMs. For brokers the payments were already illegal under the HUD 2-part test for legal YSP's. And YSP's are still around, but their use is more restricted.

    One attack that might have some legs is to point out how the double standard is allowing banks to continue to rip off veterans. For example, I offer vets 30-year fixed at 3.75% with no discount points or origination [YSP pays} and a net credit to closing costs. Banks will charge 4.25% to 4.75% and simply pocket the premium they receive selling the mortgage, instead of using it for the benefit of veterans, as intended. Those include the same banks who wrongfully denied vets streamline refis and foreclosed on deployed military in violation of the SCRA. If we attack the double standard by highlighting the abuse of VA mortgages by the banks, we might gain some traction on the unfairness of the double standard. Veterans still have a lot of supporters in Congress [unlike brokers]; showing the VA mortgage disparity would help Congress realize that banks [protected by the double standard] are the real problem.
  • Scott | | 15 Jan 2014, 07:24 AM Agree 0
    Thank you for your efforts, your convictions on this matter is well noted. EW is cut from the fabric that sickens all self-reliant and productive people. She is one but there are many pandering to this unfortunate class of idiots known as Democrats. We must continue to fight!
  • Carol Gardner | | 15 Jan 2014, 08:39 AM Agree 0
    Marc, you did a fantastic job blasting Warren. It is quite obvious that she has no understanding of the issues as well as disclosure. Our industry needs to support you and rally all the support we can give you to win your race for Senator. It's time to have the White House be returned to the people.
    Keep up the good work Marc.
  • Jim in Connecticut | | 15 Jan 2014, 09:07 AM Agree 0
    While Warren is a certifiable idiot-idealogue (who represents her state quite well), so is Savitt. What a terrible 'spokesman' for our industry. Instead of just defending the YSP/SRP which, administered properly, is a legitimate business practice, he finds it necessary to smear the mortgage banking channel that he's not a part of. Setting up a 'broker vs banker, who's-less-offensive' argument is totally counterproductive and hurts us ALL What a fool. I predict he'll go nowhere in his election bid if this is the best he can do.
  • Marti Greeley | | 15 Jan 2014, 10:22 AM Agree 0
    I personally never put a gun to anyone's head to do a mortgage....the LO's are not who created the creative financing but we seem to be to blame for the entire mortgage crisis. Who was there to protect us when companies closed owing us our compensation?
  • Being Human | | 15 Jan 2014, 10:24 AM Agree 0
    Since cfpb made it so brokers can't take under handed payments. I hope to see the bonds required for each brokers license be removed.
  • Domingo | | 15 Jan 2014, 04:08 PM Agree 0
    We'll as the movie says " You need people like us so you could point the finger at and say there goes the bad guy"
  • MD | | 15 Jan 2014, 06:35 PM Agree 0
    Just another ill informed politician! 535 commoditized temple monkeys pawing through the ruins of America in search of bribes. The bicameral whorehouse on Capitol Hill works like a vending machine. You put coins in the slot, select your law, and the desired legislation slides out!
  • Viva la Revolucion | | 17 Jan 2014, 06:40 PM Agree 0
    People that vote for political hacks and opportunists like Warren are responsible for destroying this country. Typically, they come from the northeast and western parts of our once great country.
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