I would like to hear other’s feedback on this. Effectively the bill that has been introduced and has passed the house and now goes to the senate will eliminate yield spread premium on all mortgage loans. Obviously some highly paid bank lobbyist there confusing the actual issue regarding today’s mortgage business.
Service release premium and yield spread premium? No difference in my mind. Having Been a Banker and Broker plus working for a community bank and also a Regional Vice President for the Now defunct retail Bank One Mortgage company there is really 3 train’s of thought but we all do business the same.
What do you think?
I’m saddened, but not surprised by the US Govt’s efforts. They almost never put blame where it belongs and regulate what is truly the problem. They always do it in the guise of helping the child, helping the consumer, but more often than not, it does more harm then good. :O)