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New regulations for MA mortgage brokers to go into effect ne

 
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news



Joined: 14 Jul 2007
Posts: 0
Location: Greater Boston

PostPosted: Fri Nov 09, 2007 9:47 pm GMT    Post subject: New regulations for MA mortgage brokers to go into effect ne Reply with quote

Use this forum thread to discuss the following link.

Description: New regulations for MA mortgage brokers to go into effect next Thursday. Are complaints that this will be a "fatal blow" exaggerated?
URL: http://www.lowelldeeds.com/blog/index.php/2007/11/09/new-regs-for-mortgage-broke ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=1255

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JCK



Joined: 15 Feb 2007
Posts: 559

PostPosted: Sat Nov 10, 2007 10:33 pm GMT    Post subject: Reply with quote

To my eye, the new laws require that mortgage brokers act in what most would consider to be a honest way (acting in the buyer's interest, not funding mortgages that they reasonably know the buyer cannot repay).

Can we safely conclude that the brokers who complain their business will be ruined by these new laws necessarily conduct themselves in a fundamentally dishonest manner?

If so, I say good riddance.
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admin
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Joined: 14 Jul 2005
Posts: 1818
Location: Greater Boston

PostPosted: Sun Nov 11, 2007 1:47 am GMT    Post subject: Reply with quote

JCK wrote:

Can we safely conclude that the brokers who complain their business will be ruined by these new laws necessarily conduct themselves in a fundamentally dishonest manner?

If so, I say good riddance.


Or they could just be exaggerating the impact. They guy who wrote the blog entry at the registry of deeds was still undecided on how valid their complaints were, so I wouldn't say good riddance to them just yet (though that would be my instinct).

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