Community Mortgage Lenders of America warns: Congress will “pull the plug” on Main Street lenders – NMP Skip to main content

Community Mortgage Lenders of America warns: Congress will “pull the plug” on Main Street lenders
Nov 24, 2009

The Community Mortgage Lenders of America (CML America) has released a letter (see attached) to congressional leaders warning that proposals under consideration by Congress will have a devastating effect on mortgage lending and increase risk in the mortgage system. "If enacted, the proposals in Congress to impose new capital requirements on Main Street mortgage lenders effectively spells the end of the community mortgage banker, resulting in less competition and fewer choices for borrowers,” said Scott Stern, chairman of CML America. “Under these proposals the mortgage system will become riskier and the local mortgage banker will be extinct. Congress will literally destroy hundreds of thousands of lives if this proposal is approved. We urge Congress to reconsider this ill-advised provision." The letter was signed by 87 community mortgage lenders from CML America and the Community Mortgage Banking Project. The lenders provide home mortgage loans in 30 states, representing over $120 billion in annual mortgage originations. For more information, visit or  
Nov 24, 2009
SEC: Angel Oak Capital Advisors Misled Investors

Company, portfolio manager agree to pay $1.825M combined in civil penalties.

Regulation and Compliance
Aug 10, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
As Expected, The Fed Raises Rate By Another 0.75%

Experts say housing industry will shrug off the latest increase.

Regulation and Compliance
Jul 27, 2022
AmTrust Ends 'No-Poach' Agreement, Pays $1.25M Fine In Deal With N.Y. AG

Company also agrees to cooperate with ongoing investigations of the title insurance industry.

Regulation and Compliance
Jul 25, 2022
NAR Chief Economist: Nationwide Home Price Decline Won't Happen Soon

Lack of inventory continues to support growth in prices, which have increased year over year for 124 straight months.

Regulation and Compliance
Jul 22, 2022
FHFA Director: Fannie, Freddie Need $300B Combined In Capital

So far, the enterprises combined have built $83.5 billion in reserves, or about 27% of the target.

Regulation and Compliance
Jul 21, 2022