By investing in communities the real estate finance industry has played a critical role in the American economy. The turmoil of the last couple of years in the industry has, however, threatened this critical responsibility.Read more

The National Association of Mortgage Brokers (NAMB) has announced the launch of its Legislative & Regulatory Action Fund to collect donations that will be used for protecting the interests of the mortgage broker industry. The mortgage broker profession has underwent extensive scrutiny and is being portrayed unfavorably in the mainstream media, as the housing industry undergoes sweeping legislative and regulatory initiatives to stimulate the economy and implement safeguards aimed at preventing another housing bubble.Read more

The U.S. House of Representatives has announced the passage of HR 4173, the Wall Street Reform and Consumer Protection Act of 2009, by a narrow vote of 223-202. Among other enforcements, HR 4173 will create a Consumer Financial Protection Agency (CFPA) to regulate the credit and housing industries, places restrictions on executive compensation, and increases the government's authority when dealing with failing financial institutions.Read more

The U.S. House of Representatives will take up HR 4173 within days. The measure provides for the long awaited reform of Wall Street and creates the Consumer Financial Protection Agency (CFPA). The legislative team of the National Association of Mortgage Brokers (NAMB) worked hard in protecting the ability of consumers, at their option, to finance agreed upon mortgage broker compensation in their mortgage rate thereby preserving a long-standing important option for consumers. Such language was included in the manager's amendment to the bill.Read more

Senate Banking Committee Chairman Chris Dodd (D-CT) was joined by fellow committee members Jack Reed (D-RI), Charles E.Read more

The Mortgage Bankers Association (MBA) has expressed serious concerns with legislation passed by the House Financial Services Committee that would create a consumer financial protection agency. MBA Chairman Robert E. Story Jr., issued the following statement: "For a number of years, MBA has been out front calling for tough, uniform national lending standards to protect consumers. Earlier this year, we came forth with our own proposal that would close the regulatory gaps by establishing a federal regulator for independent mortgage banks.Read more

Take action now! Call your House Financial Services Committee representative and ask him or her to support the following three amendments to HR 3126, the “Consumer Financial Protection Agency Act of 2009.” This bill is currently being considered by the House Financial Services Committee.Read more

In an Oct. 14 letter to the U.S. Committee on Financial Services, Reps. Barney Frank and Spencer Bachus, the National Association of Mortgage Brokers (NAMB), along with the American Bankers Association, Consumer Bankers Association, Consumer Mortgage Coalition, Financial Services Roundtable, Housing Policy Council, Mortgage Bankers Association, National Association of Federal Credit Unions and the Real Estate Services Providers Council Inc., have shown their support for an initiative by Rep. Judy Biggert that would stagger the U.S.Read more

With the coming of fall, we will experience many changes, and I don’t mean only in the weather … Congress has concluded its summer recess and has returned to Washington, D.C. Without going into detail on each issue, the following are a few issues that the National Association of Mortgage Brokers (NAMB) is working on.Read more

Congressman Spencer Bachus, the top Republican on the Financial Services Committee, made the following statement today during the Full Committee hearing entitled, Perspectives on the Consumer Financial Protection Agency: “Before I start my statement, I would like to express, on behalf of the Republican Members of Committee, our heart-felt condolences to Mrs. Maloney on the passing of her husband, Clifton. Our thoughts and prayers are with her and her family during this difficult time.Read more