Summary
"Anytime you have people who are not educated in products they're selling, it can cause a black eye to the industry," says [David Siegel]. "It will generally help the industry if the people representing it are better qualified."
The bill, which awaits Gov. Jon S. Corzine's signature to become law, would assist struggling borrowers to make their mortgage payments, says E. Robert Levy, executive director of the Mortgage Bankers Association of New Jersey in Springfield. [...] the bill might also cause mortgage companies to lose revenue because fewer borrowers would refinance their loans if the low introductory rates on their mortgages are extended for three years, says David Siegel, director of business development at the Teaneck office of Aurora Financial Group, a Marlton-based mortgage banking company.See the full content of this document
Extract
Mortgage Bankers Weigh Pros and Cons of New Legislation
IN AN EFFORT to miti- gate the effects of the subprime mortgage cri- sis, new proposed legis- lation in New Jersey is aimed at protecting mortgage borrowers fr...
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