Dodd-Frank April 1

89Hen · Post by **89Hen** » Thu Mar 31, 2011 6:28 am

Hey Baldy, you having fun with our new regs starting tomorrow? Bottom line... consumers shopping for mortgages are going to pay more tomorrow thanks to this legislation aimed as making things better for consumers. Great job with mortgages once again Barney. How do you fucking idiots in Mass keep electing this guy?

Baldy · Post by **Baldy** » Thu Mar 31, 2011 6:38 am

89Hen wrote:Hey Baldy, you having fun with our new regs starting tomorrow? Bottom line... consumers shopping for mortgages are going to pay more tomorrow thanks to this legislation aimed as making things better for consumers. Great job with mortgages once again Barney. How do you fucking idiots in Mass keep electing this guy?

I'm sure you're prolly thinking about blueballs. I really feel sorry for you guys though.

There's nothing like having the wolves in charge of building the new hen house.

89Hen · Post by **89Hen** » Thu Mar 31, 2011 6:50 am

Baldy wrote:I'm sure you're prolly thinking about blueballs. I really feel sorry for you guys though.

There's nothing like having the wolves in charge of building the new hen house.

Post by **Appaholic** » Thu Mar 31, 2011 6:56 am

89Hen wrote:Hey Baldy, you having fun with our new regs starting tomorrow? Bottom line... consumers shopping for mortgages are going to pay more tomorrow thanks to this legislation aimed as making things better for consumers. Great job with mortgages once again Barney. How do you fucking idiots in Mass keep electing this guy?

If you are so concerned about the consumer, feel free to offset the increase regulatory costs by lowering your profit margin. The mortgage industry calling the government corrupt...

...keep 'em coming, Hen!

89Hen · Post by **89Hen** » Thu Mar 31, 2011 6:58 am

Appaholic wrote:If you are so concerned about the consumer, feel free to offset the increase regulatory costs by lowering your profit margin. The mortgage industry calling the government corrupt... ...keep 'em coming, Hen!

I'll let you slide on this one, but you have no idea what you're talking about.

Post by **Appaholic** » Thu Mar 31, 2011 7:00 am

89Hen wrote:
Appaholic wrote:If you are so concerned about the consumer, feel free to offset the increase regulatory costs by lowering your profit margin. The mortgage industry calling the government corrupt... ...keep 'em coming, Hen!
I'll let you slide on this one, but you have no idea what you're talking about.

Fair enough...you're right, I don't, but since when has that ever stopped anyone from making comments on the Poli forum...c'mon man....

Post by **kalm** » Thu Mar 31, 2011 7:03 am

89Hen wrote:
Appaholic wrote:If you are so concerned about the consumer, feel free to offset the increase regulatory costs by lowering your profit margin. The mortgage industry calling the government corrupt... ...keep 'em coming, Hen!
I'll let you slide on this one, but you have no idea what you're talking about.

When government does it it's socialism, or corruption, or something like that. When an industry does it's clever busniness practices in the free market.

Kind of like golf shots Hen, every bill, good or bad, makes someone happy.

89Hen · Post by **89Hen** » Thu Mar 31, 2011 7:08 am

Bottom line is they passed this legislation without regard to implementation (not the first time) and it is most likely going to have the opposite of the desired effect.

In a nutshell, the first part of this is that there are going to be fewer players in the mortgage industry which immediately is going to eliminate competition. The second part is that loan orginators are not going to be paid differently for charging different rates. Sounds consumer friendly on the surface, but all this means is that banks will have to set thresholds for their originators to charge, almost like a fixed price, because they will still have to compensate the loan originator.

Up until midnight tonight, I can offer you a lower rate by cutting my commission. For a high dollar loan or one that I really want to get, I do this quite often. Tomorrow, if I lower the rate the bank still has to pay me the same and they take the hit on the loss. Do you think the bank will let me do that? No chance. This is industry wide, so it will raise rates across the board.

89Hen · Post by **89Hen** » Thu Mar 31, 2011 7:09 am

kalm wrote:every bill, good or bad, makes someone happy.

This one won't make consumers happy.

Post by **kalm** » Thu Mar 31, 2011 8:02 am

89Hen wrote:
kalm wrote:every bill, good or bad, makes someone happy.
This one won't make consumers happy.

I'm not disagreeing with you, but it will make someone happy. Btw, has Dodd landed his banking lobby job yet?

89Hen · Post by **89Hen** » Thu Mar 31, 2011 8:15 am

kalm wrote:I'm not disagreeing with you, but it will make someone happy.

Right now, I can't imagine anyone besides Dodd and Frank.

Post by **kalm** » Thu Mar 31, 2011 8:23 am

89Hen wrote:
kalm wrote:I'm not disagreeing with you, but it will make someone happy.
Right now, I can't imagine anyone besides Dodd and Frank.

Increase your cynicism.

Post by **AZGrizFan** » Thu Mar 31, 2011 12:28 pm

89Hen wrote:
Appaholic wrote:If you are so concerned about the consumer, feel free to offset the increase regulatory costs by lowering your profit margin. The mortgage industry calling the government corrupt... ...keep 'em coming, Hen!
I'll let you slide on this one, but you have no idea what you're talking about.

And in reality, if the GOVERNMENT were concerned about the consumer, they'd eliminate about 3/4 of the laws currently on the books. Their "Consumer Protection Agency" is a fucking joke and protects noone...

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