NAMB and MBA endorse Kerry-Edwards call for national uniform lending standardMortgagePress.comNAMB,MBA,John Kerry,John Edwards,NULS
The National Association of Mortgage Brokers supports Sens. John
Kerry and John Edwards position on enhancing a national uniform
lending standard to fight abusive lending practices.
In April, NAMB and other housing industry groups sent a letter
to Congress, asking for a uniform national predatory lending
standard. The letter noted that the lack of a uniform national
standard has led to a "proliferation of state and local laws to
address abusive lending practices ... " This deficiency creates "an
uneven playing field, which disadvantages consumers and lenders
alike." Although the laws were well intended, "many legitimate
lenders have retreated from markets where such laws have been
passed, and many consumers have found that certain beneficial
products are no longer available."
The Mortgage Bankers of America has also voiced their support of
the Kerry-Edwards position. MBA believes that, along with a
national uniform standard of laws, the mortgage industry must also
promote consumer education, simplify the mortgage process and
enforce the current laws to protect consumers from abusive lending
For more information, visit www.namb.org or www.mortgagebankers.org.