Mortgage bankers urged to oppose Dodd bill

[Robbien]

Source: Houston Chronicle

Members of the Houston Mortgage Bankers Association got a pep talk in Houston today and an update from its state and national presidents about why they need to organize against legislation that will limit their ability to do business.

In particular, they are targeting a bill by U.S. Sen. Chris Dodd, D-Conn.

"It needs to be modified, or it needs to go," said George Hanzimanolis, president of the National Association of Mortgage Brokers.

Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, last year introduced Senate Bill 2452, which would set more stringent standards for subprime mortgages, including a requirement that lenders show that prospective borrowers can repay the loans.

Read more in tomorrow's Chronicle.

Read more: http://www.chron.com/disp/story.mpl/headline/biz/5460737.html

[MasonJar]

1. Wow! How radical: wanting mortgage loan officers to want to be sure

mortgage buyers can repay the loan that the former are making a large fee to create.

[brentspeak]

2. Tell the mortage bankers to go 'screw off'

[Lone_Star_Dem]

3. Shouldn't a lender want make sure it can be repaid?

Wouldn't that be in their better interest? Oh wait, not if they're just going to sell the note off after signing.

[kirby]

4. Mortgage Bankers?

These are the same buffoons who are partly responsible for plunging this economy deeper into recession due to their look the other way, get rich, bubble inflating, lack of fiduciary responsibility ways.

This is an example as Edwards says, you cant sit down with the guys. I'm sure Dodd has taken a lot of lobbyist money from the banking industry. I imagine he will cave now that he is no longer running.

[gateley]

6. Dodd's contributions from the Banking Industry (I don't think he'll be caving.)

[Lance_Boyle]

7. Banking industry gave Alan Keyes $201?

That's like tipping a penny - how embarrassing for the nutball!

[kirby]

8. Confusion

Due to a quirk in McCain/Feingold, Alan Keyes needed to declare all the free toasters he received from opening bank accounts.

[kirby]

9. You kinda prove my point...

Look at those numbers in terms of percentanges, not dollars.

According to the FEC, Dodd raised $13,598,151 thru 9/2007. Assuming your $454,000 number is from the same time period... That is 3% of his donations. Clinton raised $90,962,311. That $935,658 is only 1%.

Also, according to the FEC database, other than the Firefighters union, just about all other donations were from the Banking/Insurance industry as far as I can tell. Including $5000 from the Mortgage Bankers Association themselves.

ps. I think your numbers from opensecrets are only 'Commercial Banks'. There are many other Mortgage related industries giving money to candidates. The Hedge fund/Private Equity industry gave almost the same to Dodd as Clinton ($915,950). The Securities/Investment industry gave $2,609,566. Therefore Dodd really owes the whole Mortgage Banking sector.

[annabanana]

5. There's a headline! "Thieves object to oversight"

Pigs object to getting stuck.

No surprises there. The question is if they'll be able to lobby their pals in this election climate..