As a consumer or real estate professional, you probably should have an opinion here. Lots of other folks do. I’m still undecided, but want to raise awareness. Here is a video from a local mortgage broker supporting the bill.
And, to add balance, here is an article expressing an opposing view: http://www.dsnews.com/articles/crl-warns-against-consumer-mortgage-choice-act-2013-05-20
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I think it interesting that the Banking industry is opposed also (http://www.americanbanker.com/bankthink/consumer-mortgage-choice-act-takes-away-consumers-choices-1060763-1.html). Since the ‘big banks’ appear to not want the changes, it makes me think there is validity in the video statement that the original legislation might have been crafted with their needs in mind more than consumers.
You can get to the full text of the bill here (there is a Senate version also, S949):
http://www.govtrack.us/congress/bills/113/hr1077/text
I’m interested in verifying the statements in the video, regarding differences in how banks and mortgage brokers would present information on the same loan. I’m NOT convinced all the bad guys are in jail, so some consumer protection is good. I would just want it to cover all the lenders equally so my clients can compare loan options easily.
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