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Once Overlooked, Housing Program Provides Affordable Alternative

National Mortgage Professional
Dec 04, 2002

Industry Prevails in Illinois Courts MortgagePress.comIllinois Association of Mortgage Brokers, Office of Banks and Real Estate, High Cost Mortgage Rules, 7th Circuit Court of Appeals On Oct. 21, the 7th Circuit Court of Appeals ruled in favor of the Illinois Association of Mortgage Brokers, remanding the case to the district court to determine which parts of the Office of Banks and Real Estate (OBRE) High Cost Mortgage Rules are preempted by the Alternative Mortgage Parity Act of 1982. IAMB had filed a lawsuit for declaratory judgment in a federal district court on July 3, 2001, seeking clarification as to the effect of certain high-cost mortgage rules enacted May 17, 2001 by the Illinois OBRE. The rules appeared to apply to certain alternative mortgage transactions such as balloon mortgages or adjustable-rate mortgages which are governed by the Parity Act, rather than state law. Illinois did not opt out of the Parity Act, and the federal district court had ruled in favor of the Illinois OBRE. IAMB filed an appeal with the 7th Circuit Court of Appeals last fall. IAMB is pleased with the appellate court ruling and plans to work within the legislative and regulatory process to create further consumer protections which do not restrict access to credit via alternative loan programs, stated IAMB President Rob Hardman. IAMB applauds the appellate court for recognizing the conflict between federal law and state regulation that restricts consumers loan choices, and is anxious to see the OBRE clarification of the rules. Since the enactment of the OBRE Rules in May of 2001, some state-chartered lenders have limited loan programs available to consumers due to uncertainty regarding this Illinois regulation. The purpose of IAMBs suit was to end this uncertainty so that state-chartered lenders could offer alternative mortgages to consumersas allowed by federal law for federally-chartered lenders without fear of regulatory action by the Illinois OBRE.
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