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National industry appointments update - 11/28/2007

National Mortgage Professional
Nov 28, 2007

NAMB testifies before House Financial Services Committee: NAMB fights back to protect your industryMortgagePress.comSub-prime mortgages,Congress On Sept. 20, the major players in the mortgage industry were brought together at a congressional hearing before the House Financial Services Committee (HFSC). Participants at the hearing entitled, "Legislative and Regulatory Options for Minimizing and Mitigating Mortgage Foreclosures," included National Association of Mortgage Brokers Immediate Past President Harry Dinham, CMC, U.S. Department of Housing and Urban Development Secretary Alphonso Jackson, Federal Reserve System Chairman Ben S. Bernanke, U.S. Department of the Treasury Secretary Henry Paulson Jr., as well as representatives from Fannie Mae, Freddie Mac, the Mortgage Bankers Association and others. This hearing marked the fifth congressional hearing dealing with current market situations that NAMB has testified at since February of this year. During the hearing, Dinham urged Congress to increase government-sponsored enterprise loan limits and the Office of Federal Housing Enterprise Oversight to lift portfolio caps. He also led a spirited defense of the receipt of yield-spread premiums by brokers. NAMB's testimony reiterated a number of reforms it believes would protect future borrowers and ensure market stability, including: • Requiring all loan originators to meet minimum education levels and pass criminal background checks, and creating a national registry of originators governed by a federal agency; • Requiring mandatory escrow accounts for taxes and insurance on all sub-prime loans; • Strengthening enforcement of prohibitions against deceptive marketing and advertising of mortgage products; • Clearly disclosing the role of the originator in mortgage transactions; • Creating simplified, modernized and consumer-tested mortgage disclosures including a revised good faith estimate and a loan-specific payment disclosure; and • Encouraging consumer financial literacy. To view NAMB's testimony, visit www.namb.org/images/namb/GovernmentAffairs/Hearings_Testimony/NAMB_Harry_Dinham_HFSC_Testimony_September_20_2007.pdf. For more information, visit www.namb.org.
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