The Bill is supposed to help the consumer but it seems that it may affect financing of loans in Maryland. They are trying to define sup-prime and possibly not doing these loans in MD. Setting a 45% Debt to income ratio on mortgage loans which will prevent some FNMA, Freddie Mac and VA programs. It also deals with MD credit and puts a lot of control in the hands of the commissioner. Has anyone heard about this?
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Not this particular bill but it is an example of the "stupid" that is going on. Somehow some genius has decided that since the government is so good at everything else (like oversight of wall street derivatives or SIV's and so forth) they figure hey why not underwrite loans for the consumer too.
I have a good idea, why doesn't government just hold their hand and walk in with them at application!
No I haven't. That would be horrible for them to pass that bill.
It seems that there is always that genius,,the light bulb goes off, they are in a position of power and then it is time to implement a new law. I have seen DC, NC and GA go through similar laws and tons of investors pull out from these states then the economy went south. And then the changes begin. We do have the MD Association of Mortgage Brokers (MAmb) fighting for us.