Mortgage groups blast parts of Senate housing bill

[Administrator]

The mortgage industry is urging the lawmakers to drop pieces of the Housing Bill. It is actually too strict and restrictive on the lenders. Six trade groups told the lawmakers that the bill will impose very strict standers on the lenders to determine what the best loan program is for each borrower. According to the lenders this standers will reduce the number and types of product for the consumers. They also criticize a portion of the bill that creates nation wide licensing system for the mortgage brokers and loan officers.


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(Source: mortgagefit.com)