Barney Frank Promises Death Panels for Mortgage Brokers!

Here is Barney Frank (and Treas, Sect. Tim Geithner) SMUGGLY discussing the KILLING of thousands of jobs in the Mortgage Industry. He promises DEATH PANELS for Certain Financial Institutions. Namely NON-BANK Entities, who in his words are “NOT TO BIG TO DIE”.So he has WASHED HIS HANDS for his part in the HOUSING BUBBLE and is going to KILL those BAD Mortgage Brokers who in his opinion MUST be the culprits that caused the Housing Crash. How convienient for him to forget how he and the Democrats in 2005-2006 killed any legislation to reform of the lending policies of Fannie Mae and Freddie Mac.

Listen to a TOTALLY DIFFERENT BARNEY FRANK talking out of BOTH sides of his Mouth…2005 and 2009…

The REAL purpose of this NEW attack to put Mortgage Brokers and NON-BANK Entities out of Business is simple. Wells Fargo, Bank of America and CitiMortgage would love for the consumer to be driven to their front door through the elimination of the Mortgage Broker. Good luck at finding a competent loan officer or any service on the weekends! Yes there were abuses in the Mortgage business, but forcing the Non-Bank Entities and honest Mortgage Brokers out of business with onerous regulations is not going to help the consumer. As many of you know, there is pending legislation that would regulate the compensation of Mortgage Originators. See page 54 of the 195 pages of the New Federal Reserve TILA (Reg Z) changes being proposed 

As a Mortgage Broker for 18 years I saw what caused the demise of the Housing Market. It was unrealistic housing prices and unrealistic loan guidlines designed and funded by Wall Street and the Banks, while being protected by the House and Senate Banking Committees. It wasn’t the Mortgage Brokers. They had NOTHING to do with what products or guidelines Fannie or Freddie Mac would fund.

So it appears that Barney Frank and the Federal Reserve have found whom to punish for the Housing Crisis. And it doesn’t appear to be anybody who was overseeing the BANKS! Who’s next to Attack? Real Estate Agents? Escrow Officers…?

Uppitybanker