Politics Sen. Tom Continues His Life as a Born Again Democrat. And You Know How Zealous Born Again Types Can Be.
posted by January 17 at 17:35 PMon
The hearing is at 8am, so I’m not going to make it, but the bill deserves attention.
It offers up a common-sense fix to one problem with the mortgage industry. The bill forces mortgage brokers to disclose any special fees (kickbacks?) they get from lenders.
The intent of the bill is to rein in a practice known as “yield spread premiums.” This is when lenders give mortgage brokers an incentive to hook borrowers up with steeper rates than necessary by giving them a cut.
The bill is being sponsored by Republican-House-member-turned-Democratic-Senator, Rodney Tom (D-48, Medina).