Comments on: Will the Suitability Law Protect Borrowers? http://www.mortgagelowdown.com/2007/02/will_the_suitab.html News, tips and resources Thu, 20 Nov 2008 09:52:21 +0000 http://wordpress.org/?v=2.5.1 By: UK Home Mortgages http://www.mortgagelowdown.com/2007/02/will_the_suitab.html#comment-39 UK Home Mortgages Tue, 27 Mar 2007 15:48:51 +0000 http://www.mortgagelowdown.com/2007/02/will_the_suitability_law_protect_borrowers.html#comment-39 Great blog you have here and some great insights into the home mortgage industry. Jordan Great blog you have here and some great insights into the home mortgage industry.

Jordan

]]> By: Ron Borg http://www.mortgagelowdown.com/2007/02/will_the_suitab.html#comment-38 Ron Borg Wed, 28 Feb 2007 18:43:26 +0000 http://www.mortgagelowdown.com/2007/02/will_the_suitability_law_protect_borrowers.html#comment-38 I completely agree with Mr. O'Connor & Mr. DeLoach... federal legislation will be a watered down waste of taxpayers money. We have recently seen a number of states pass legislation intent on curbing predatory lending - Ohio just passed laws prohibiting stated income and no doc loans. Georgia, North Carolina, Illinois, New York all are in the process of or have already passed laws aimed at predatory lenders. I do believe that the real estate "bubble" was partially caused by exotic mortgages. We must not try to legislate away a borrowers right to apply for certain financing if he/she clearly understands the features of the loan and is properly advised by an experienced and ethical mortgage broker/loan officer. It is the uneducated, unethical and downright dishonest ones that we must always watch out for. To the end, I have recently been elected as chairman for a new organization - Mortgage Brokers for Change. I would like to hear from mortgage brokers and loan officers that would like to join the organization and morever, if they care to be a board member; we are still in the board election process. I can be reached at www.AskRonBorg.com or 727-361-1000. I completely agree with Mr. O’Connor & Mr. DeLoach… federal legislation will be a watered down waste of taxpayers money. We have recently seen a number of states pass legislation intent on curbing predatory lending - Ohio just passed laws prohibiting stated income and no doc loans. Georgia, North Carolina, Illinois, New York all are in the process of or have already passed laws aimed at predatory lenders.

I do believe that the real estate “bubble” was partially caused by exotic mortgages. We must not try to legislate away a borrowers right to apply for certain financing if he/she clearly understands the features of the loan and is properly advised by an experienced and ethical mortgage broker/loan officer. It is the uneducated, unethical and downright dishonest ones that we must always watch out for.

To the end, I have recently been elected as chairman for a new organization - Mortgage Brokers for Change. I would like to hear from mortgage brokers and loan officers that would like to join the organization and morever, if they care to be a board member; we are still in the board election process. I can be reached at http://www.AskRonBorg.com or 727-361-1000.

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