Today the Senate voted to ban mortgage lenders and loan officers from received higher pay for offering higher interest rates on loans, and will require that borrowers prove they can repay their loans as part of the overhaul of financial regulations to prevent the collapse of Wall Street and the housing market in 2008. The Senate also voted to let the Federal Reserve retain supervision of smaller banks.
The bill would place restrictions on how mortgage lenders and loan officers get compensated because consumers were encouraged to obtain higher interest rate mortgages that they were unable to pay, resulting in record numbers of foreclosures.
The bill would require borrowers to provide proof of their income by showing tax returns, payroll receipts or bank documents and would eliminate the "no-doc" or "low-doc" loans that were previously offered that did not require proof of income.
Another industry that needs an overhaul is the auto industry repeatedly take advantage of consumers by inflating rates and inserting hidden fees and displaying deceptive ads.
2 comments:
In my view, without knowing perfectly about any mortgage brokers we shouldn't visit them. Because most of the time they tried to fraud with us. That's why you are right author they should be punished but there are many Mortgage Whitby in Canada and from them, you'll get all perfect and highly professional mortgage brokers who can help you a lot by finding the perfect interest rate for you.
I always prefer a mortgage broker than a bank. Because a broker has many years of experience in this field he can give me correct advice if I want to refinance my credit. On the other hand, the bank does not do these types of things. So if you are new here I guess Second Mortgage Toronto will be the best choice for you.
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