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The Consumer Financial Protection Bureau opens for comment a proposal to force lenders to offer...

The Consumer Financial Protection Bureau opens for comment a proposal to force lenders to offer no-fee, no-point mortgages, so as to make it easier for prospective borrowers to comparison shop. It would also force lenders to offer rate reductions if consumers elected to pay points. Is anyone aware of a mortgage lender that doesn't already offer all of this?
Comments (6)
  • phxcrane
    , contributor
    Comments (416) | Send Message
     
    No but that won't stop the Government. Gridlock looks pretty good to me.
    17 Aug 2012, 02:55 PM Reply Like
  • kmi
    , contributor
    Comments (4018) | Send Message
     
    "Is anyone aware of a mortgage lender that doesn't already offer all of this?"

     

    I guess the question would be where to hide the fees. Banks that offer this wrap the fees in the loan. Or hide them in the disbursements.

     

    Maybe they'd be forced to inflate the rate if they can't hide the fee. I guess I'm trying to say.... there's -something- there, but it's kinda hard to find....
    17 Aug 2012, 03:23 PM Reply Like
  • davidbdc
    , contributor
    Comments (3153) | Send Message
     
    Hey, as long as the agency can use the rule to go out and hire 500 regulators then everything is fine. After all isn't that how we'll restore the middle class - just keep the federal government workforce increasing and everything will be fine.
    17 Aug 2012, 03:25 PM Reply Like
  • Richard Mackenzie
    , contributor
    Comments (453) | Send Message
     
    The best regulations are those which don't require the regulated to change behaviour (i.e. No cost to the regulated to implement). Ideally this indicates that the regulated is employing best practices, so the regulation will serve to deter them from veering into undesireable practices. Why the attitudes? Would you rather have regulations that change everything and cost a lot to the industry? Do you actually believe that the industry will operate fairly without any regulations? Really?
    17 Aug 2012, 03:43 PM Reply Like
  • davidbdc
    , contributor
    Comments (3153) | Send Message
     
    I don't disagree with your initial statement.

     

    I'd prefer we simply not try to regulate everything in life. Regulate the water, air, ground, drugs and food. Set the rules for contracts and financial products. Then let us live our lives in peace.

     

    Its like the woman in Philadelphia that is being threatened with a $600 a day fine for feeding local children lunch during the summer. Seems some bureaucrat says she needs to pay $1000 in permits/fees/registrat... and pass all kinds of inspections just to help out the neighborhood kids. Obviously there are too many government bureaucrats sitting around if they have time to track down this lady and threaten her!

     

    We have regulators and bureaucrats coming out of our ears and they are helping to Bankrupt the country. Time to slash their salaries, thin their ranks, concentrate on the things that truly need regulating and tell people to use some common sense.
    17 Aug 2012, 04:03 PM Reply Like
  • Patrick Farnsley
    , contributor
    Comments (15) | Send Message
     
    I will hold out until they are forced to offer no interest / no principal payback loans ! With this group I will not have too long to wait.
    17 Aug 2012, 04:02 PM Reply Like
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