Senators Urge Ban on YSP, NAMB Quickly Responds
January 14, 2010
NAMB continues to educate lawmakers and regulators in the continued battle to defend yield spread premiums from inaccuracies painting small business mortgage brokers in a negative and disparaging manner. Most recently, a small faction of Senate Democrats, led by Sen. Jeff Merkley (D-OR), sent a letter to the Federal Reserve Board calling for a ban on YSP, labeling it as an unfair and deceptive practice used to steer consumers into riskier mortgage loans and gain a larger profit. The letter was clearly used to protect Wall Street and big banks, increase their market share at the expensive of unemployed small business men and women and their employees, by deflecting their involvement in causing the mortgage and housing crisis. Click here for the Senate Letter.
Sen. Christopher Dodd (D-CT)
Sen. Robert Menendez (D-NJ)
Sen. Carl Levin (D-MI)
Sen. Mark Warner (D-VA)
Sen. Barbara Mikulski (D-MD)
Sen. Ron Wyden (D-OR)
Sen. Jack Reed (D-RI)
Sen. Daniel Akaka (D-HI)
Sen. Claire McCaskill (D-MO)
Sen. Russ Feingold (D-WI)
Sen. Benjamin Cardin (D-MD)
Sen. Frank Lautenberg (D-NJ)
Sen. Charles Schumer (D-NY)
Sen. Sherrod Brown (D-OH)
Sen. Bob Casey (D-PA)
Sen. Jeanne Shaheen (D-NH)
Sen. Sheldon Whitehouse (D-RI)
NAMB’s government relations team was alerted to the fact that Senator Merkley was soliciting signatures on a letter to the Federal Reserve to ban mortgage broker compensation. NAMB immediately responded to this effort with a letter to the Senate defending mortgage broker compensation by explaining its use in providing options to consumers. NAMB’s letter to the Senate provided detailed information on the required disclosure of mortgage broker compensation under Federal law, citing several federal documents clarifying the legal use of YSP. Additionally, NAMB’s letter shed light on the deep involvement Wall Street and big banks have played fueling the subprime boom and pointing out the need for mortgage lender compensation to be regulated in the same manner as mortgage broker compensation. Click here for the NAMB Letter.
These types of false accusations against you as a mortgage broker will continue and are what mortgage brokers must fight against in Congress. NAMB has worked hard to defend mortgage brokers against deceptive and misleading information, and we have been successful in many instances. Our fight has intensified tremendously as the Senate considers comprehensive financial regulatory reform. NAMB continues the fight to protect and preserve your industry, but NAMB NEEDS YOUR HELP
BE INVOLVED!
The NAMB 2010 Legislative & Regulatory Conference in Washington, DC is a perfect opportunity for you to get involved, speak with members of Congress, and protect your industry. 2010 is set to be another busy legislative and regulatory year; hear from panelists and guest speakers on the most important issues facing the mortgage industry this year. Come to the NAMB Legislative Conference in order to be a part of this effort to set the record straight. Visit www.namb.org/legconference
2010 KEYNOTE SPEAKER: FHA Commissioner David Stevens
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NAMBPAC raises money to elect and re-elect candidates that have clear understanding of the topics that are at the forefront of the mortgage broker industry and who support our initiatives. When you contribute to NAMBPAC you are helping your business and the mortgage broker Industry. NAMB members are able to build a united voice on Capitol Hill and provide a key role in the campaign process by contributing funds to support candidates who share the same view points and outlook for our industry.
If you are serious about staying in this business now more than ever we need to build the PAC funds! The only way we can fight this is through strength in membership and PAC funds. Don’t waste anytime thinking about it or contemplating contributing, DO IT NOW by donating $50.00, $75.00, $100.00 or more today! To donate, click here! to support the high level of consistent action taken on behalf of your businesses. Your active participation is very important and can make the difference. Now is the time! for more information!
The NAMB Legislative and Regulatory Action Fund directly helps fund the extensive daily legislative and regulatory efforts maintained by NAMB. By donating, you support NAMB’s commitment to a competitive and level playing field among origination channels, combating abusive lending practices, a simplified mortgage process, consumer financial literacy, and fair access to affordable credit. To donate, click here!
RECRUIT NEW MEMBERS!
Do you have colleagues who are not members of NAMB? Begin the New Year on the right track by recruiting new members to join NAMB! We are working hard to protect, promote and propel the small business mortgage profession. NAMB keeps its members educated, trained and well-informed on everything happening in the mortgage broker industry. Benefits include: Legislative advocacy, discounted education, industry public relations, member discounts, certification opportunities, valuable networking at conferences, and more! Direct potential members to www.joinnamb.org today!
What Has NAMB done in 2009?
NAMB fights for its members on a daily basis on the frontlines and behind the scenes. Click here for an overview of what NAMB accomplished in 2009 on a month-by-month basis.
